Portsmouth Football Club has said it is "shocked and surprised" by the winding-up petition by HM Revenue & Customs (HMRC) against the club.
HMRC applied for the petition on 23 December, but a full court hearing will not take place until February.
If the club is unable to strengthen its financial position by then, it could go into administration.
Portsmouth said it disputed the amount of money owed and expected HMRC "to withdraw their demands forthwith".
If it does not, the club said it anticipates "a hearing being held in early January 2010 during which we will request that the High Court order HMRC to withdraw their demands."
It added the VAT, PAYE and National Insurance contributions owed to HMRC had been paid, were about to paid, or were being disputed.
The Premier League said it was monitoring the situation at Portsmouth closely and hoped the situation could be resolved without the two parties going to court.
Portsmouth are due to play Coventry City at home in the third round of the FA Cup on Saturday.