Wednesday, 10 March 2010

Selling Home Park

To yourself after announcing a loss of over £2million this year. Argyle were always hailed as being the club always in the black but for the last few years even that accolade has disappeared with year on year losses announced every year. (Go on, blame the public for not going, you know you want to). And so to clear some debt Home Park is to "sold" to PAFC Holdings. This comes alongside 90,000 shares in Argyle being sold for £22.22 per share.

Creative accountancy aimed at [quote] "reducing debt levels in PAFC and thus strengthening its balance sheet. In addition, they should provide a basis for commercial property and development finance to be raised in order to develop the stadium in support of the club's ambitions, as well as Plymouth's support for England's bid to host the 2018/2022 World Cup." While Rome burns, the World Cup bid is still foremost in the board's eyes?

1 comment:

Lord Hutton said...

Is that Plymouth Argyle/Lehmann Bros?
Looks like a bit of creative accounting