Monday, 21 February 2011

The latest on Plymouth’s financial trouble

It was announced this morning that Plymouth Argyle would enter administration due to their inability to pay a large tax bill owed to HMRC of around £300,000, due tomorrow. The club will incur a ten point penalty which will take them into the relegation zone and eight points from safety and bottom of the league.

The club posted a notice highlighting their intention of appointing an administrator to deal with the implications of going into administration. Having been subjected to three winding up orders already from Her Majesty’s Revenue and Customs, the club now look to have admitted defeat in the fight to avoid a point’s deduction.

Plymouth now have ten days to appoint an administrator or find someone willing to invest in the club. Peter Ridsdale will now work alongside David Hinchliffe from Walker Morris Solicitors in the search for a suitable party.

Supporters had been given hope when Ridsdale announced the club had cleared a tax bill of around £500,000 in January.

The notice of intention means the club are protected from creditors and won’t face a winding up order from HMRC. The players are still awaiting wages from January having received their November and December wages late.

It is an all-time low for the club having fallen from the Championship last season.

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1 comment:

Anonymous said...

When there is bad news where are Roy Gardner and Keith Todd - hiding behind the Deputy Chairman, the manager and Peter Risdale who at least are prepared to face the music