Plymouth's Argyle Future as a Professional Football Club will be put into the hands of creditors tomorrow, in the clubs CVA meeting. The team went into administration in March, after being deducted 10 points a week earlier for issuing a notice of intention to appoint an administrator. The points deduction put Plymouth Argyle bottom of League One, and they were eventually relegated last Monday against Southampton.
Plymouth have wracked up debts of 17.5 Million Pounds, after financial mis-management from their previous board. Administrator Brendan Guilfoyle and Acting-Chairman Peter Risdale, have offered creditors less than 1p in the pound as part of the Company Voluntary Agreement- 75% of creditors must accept this offer for the club to come out of administration. If 75% of the creditors do not accept this offer, the club will almost certainly be liquadated.
Devon Businessman James Brent is man expected to take over the club in the summer, but only will do so if the club get through their CVA Meeting. Brent, said he is frustrated with the time-scale this has took but is still confident a deal could be made. The only other offer on the table is led by Paul Buttivant, but he has yet to make proof of any funding to Argyle's Administrator.
The staff and players of the club haven't been payed fully in 4 months, however they have continued to fight and keep the club above water despite relegation. Season Ticket Holders are being urged to vote by proxy for tomorrows meeting which starts at 3pm. Nobody is certain about the outcome of tomorrow's meeting, with the HMRC ready to appeal any decision which goes in favour of Argyle. However, if Argyle do pull through the CVA, the new era starts... Lets hope for the best :wub:
BBC Sport - Potential Argyle buyer James Brent frustrated by delay
Plymouth have wracked up debts of 17.5 Million Pounds, after financial mis-management from their previous board. Administrator Brendan Guilfoyle and Acting-Chairman Peter Risdale, have offered creditors less than 1p in the pound as part of the Company Voluntary Agreement- 75% of creditors must accept this offer for the club to come out of administration. If 75% of the creditors do not accept this offer, the club will almost certainly be liquadated.
Devon Businessman James Brent is man expected to take over the club in the summer, but only will do so if the club get through their CVA Meeting. Brent, said he is frustrated with the time-scale this has took but is still confident a deal could be made. The only other offer on the table is led by Paul Buttivant, but he has yet to make proof of any funding to Argyle's Administrator.
The staff and players of the club haven't been payed fully in 4 months, however they have continued to fight and keep the club above water despite relegation. Season Ticket Holders are being urged to vote by proxy for tomorrows meeting which starts at 3pm. Nobody is certain about the outcome of tomorrow's meeting, with the HMRC ready to appeal any decision which goes in favour of Argyle. However, if Argyle do pull through the CVA, the new era starts... Lets hope for the best :wub:
BBC Sport - Potential Argyle buyer James Brent frustrated by delay
