Chaos and confusion appears to be the order of the day as Plymouth Argyle directors prepare to meet to discuss the fate of the crisis ridden club. However, with Argyle due in court on Monday, and no reliable sign of the much needed immediate cash injection, administration seems to be the most likely outcome. Peter Ridsdale, who has been advising the club, says that he can no longer work with the board. He has been frustrated by
Chaos and confusion appears to be the order of the day as Plymouth Argyle directors prepare to meet to discuss the fate of the crisis ridden club. However, with Argyle due in court on Monday, and no reliable sign of the much needed immediate cash injection, administration seems to be the most likely outcome. Peter Ridsdale, who has been advising the club, says that he can no longer work with the board. He has been frustrated by the broken promises of the Japan-based directors and rifts that have emerged among the four remaining UK-based directors.
The club owes £725,000 in wages for January and February and once these are paid the club’s tax debt of £300,000 will double. The two Japanese-based directors have promised £1.4m from a new investor, a London-based Japanese associate called Koichiro Abe who is a former Goldman Sachs banker. Whether this will money will arrive remains to be seen, but it is thought that at least £3m would be needed to stave off administration.
There is talk of multi-millionaire bidders lurking in Plymouth Sound, but they have yet to break surface.