£3m needed to save Plymouth Argyle from administration
Wed 2nd Mar 2011 | Football Club Administration
Plymouth Argyle need a cash injection of £3m to avoid falling into administration on Friday according Peter Ridsdale.
Argyle, who were deducted 10 points after it issued a formal notice of intention to appoint an administrator nine days ago face going out of business at the end of the week.
"If there is a major injection of money this week, the club can carry on,” Ridsdale told the Guardian.
“If not, my advice is the directors have to declare the club is insolvent and appoint an administrator."
Ridsdale, who was brought in by chairman Paul Stapleton in December issued the warning after money promised by the club’s Japan based directors failed to materialise. Tokyo based directors George Synan and Yasuaki Kagami promised a cash injection of £2m would be paid to the club by the end of February.
However, they have not been able to raise the finance required and the club is now struggling to find the £280,000 that is owed to HMRC as well as having failed to pay its players and staff their February wages. “If the players and staff are paid, £350,000 in PAYE would immediately become due, so even an injection of £1.5m would be immediately swallowed,” Ridsdale stressed.
More pressing is the club also owes £3.6m to trade creditors, including £350,000 which owed to Inscape, a company that laid a new pitch at Home Park in the summer, Ridsdale, warned that total debts are £13m, and that £4m‑5m is required just to see the club to the summer.
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