The parent company of Newcastle Jesters Ltd, the ice hockey team which has been stripped of its North-East ice hockey franchise, yesterday won further breathing space in its battle against High Court moves to have it wound up.

Two weeks ago the High Court in London adjourned a compulsory winding up petition brought against club owner, Fablon Investments Ltd, by former major shareholders and Finnish sporting giants, Jokerit HC IYC for another 14 days to give them further breathing space.

Yesterday Mr Registrar Simmonds granted a further 14-day adjournment after being told that negotiations to settle matter were still continuing.

Counsel for the petitioning creditor, David Allison, told the court yesterday: "The majority shareholder has obtained a freezing order for £1.25m against the director of the company. He is still trying to get to grips with the financial position and may well settle the company's debts.

No details were given as to the size of the debt leading to the winding up moves.

If winding up of Fablon is eventually ordered the affairs of the company will effectively be handed over to an Official Receiver. His job would be to do his best to ensure that the company's debts are paid off by selling any assets available and then bringing its business to a close.