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Articles about football clubs facing or going into administration.
After eight months Plymouth Argyle have finally come out of administration with the sale of the club to James Brent’s Akkeron group. They will exit via a Company Voluntary Arrangement which will involve agreed payments to creditors over a five year period.
The rescue of Plymouth Argyle by locally based businessman James Brent moved a step closer yesterday after the cabinet of Plymouth City Council agreed to buy the club’s ground at Home Park and lease it back to them. Mr Brent had made such a deal a condition of his takeover going ahead.
At the request of the administrators Plymouth Argyle players have agreed to defer the outstanding 60 per cent of their wages until Monday week. By that time it is hoped that a takeover of the club can be sorted out. Yesterday captain Carl Fletcher and goalkeeper Romain Larrieu met with James Brent who is now the leading bidder for the troubled club.
It’s now 123 days since Bishop International Limited was named as the preferred bidder for Plymougth Argyle and with no deal in sight it it is no wonder that the administrators have resumed talks with other possible bidders.
Rushden and Diamonds have gone into administration with debts said to be around £750,000. The club’s appeal against expulsion from the Football Conference has been abandoned and they failed to meet the conditions for admission to the Southern League Premier Division.
It looks increasingly unlikely that Rushden and Diamonds can be saved. Even if a phoenix club can be formed, it will not be in time for next season.
The winding-up order brought against Rushden & Diamonds has been adjourned for 21 days. This will give potential Japanese investors a chance to show their hand. Having spent a long time now observing events of this kind, I am always cautious about mystery investors, but let’s hope for Diamonds fans that it works out.
Plymouth Argyle are making progress on some fronts after experiencing administration, but are still facing challenges on others. Acting chairman and chief executive Peter Ridsdale hopes to make an announcement about the club’s new kit supplier next week. Their deal with adidas has ended early following their financial crisis.
Plymouth Argyle’s debts have spiralled to £17m and creditors will have to accept 0.77p in the pound. Some £5m of the total is secured against Home Park and must be repaid in full, but the remainder is owed to unsecured creditors. More than 75 per cent of those unsecured creditors must accept the deal by May 6th or the club will be wound up. It is thought that most of the major creditors will be prepared to accept the deal.
Property developer Kevin Heaney has pulled out of a bid to buy Plymouth Argyle, leaving the club in a perilous position. There is always a risk that the administrator may have to go to court to establish how much security should be applied to the stadium.