Article Taxonomy: Administration

While there are currently two serious bidders to take Plymouth Argyle out of administration, both of them are concerned about the level of secured debt associated with the club and want to see it reduced.   It has been estimated that the outstanding debt on Home Park is equivalent to the value of the stadium.

The manager, players and office staff at Plymouth Argyle have been asked to defer their pay otherwise the club may have to be liquidated.    None of the potential purchasers is willing to guarantee wages and salaries until the end of the season.

For reasons connected with legal paperwork, the selection of a preferred bidder has been delayed.   This is expected to be completed today, but the identity of the preferred bidder may not be announced.

Devon-based millionaire James Brent is one of four bidders to take Plymouth Argyle out of administration.   He is a former banker with a large property portfolio.  The one time chairman of the Plymouth City Development Company has experience of buying companies out of administration and turning them around and would be keen to redevelop Home Park.

Bids to take Plymouth Argyle out of administration have to be submitted by midday next Monday, March 14th.   The administrator then hopes to make an announcement about a preferred bidder by this time next week.   Four groups are said to be potentially interested.

As expected the High Court has placed Plymouth Argyle in administration.  A Plymouth director is understood to have applied for a stay of the administration process so that the club could be sold as a solvent entity but the application was not accepted by the judge.   There will be no further points penalty as that has already been incurred.

Plymouth Argyle are expected to go into administration this afternoon, but in a surprising development the club had to dispatch a barrister to a behind close doors court hearing in London which was scheduled to start at 10.30 a.m., but has now been postponed until this afternoon after a series of delays.   It is still not entirely clear who has brought the action or what it is about or whether it will be held in public or private. &nbsp

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

Plymouth Argyle have issued a notice of intention to appoint administrators.   They now have ten days in which to decide whether or not to appoint administrators.   The move will give them protection against creditors, but it will incur a ten point deduction which puts them in danger of relegation.  This makes them less attractive to investors, although no serious expressions of interest have been forthcoming anyway.