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Ridsdale gives Plymouth Argyle Directors ultimatum

Tue 1st Feb 2011 | Money & Finance

Peter Ridsdale has given an ultimatum to the club's major shareholders to pay up by 8 February, or he goes.

According to the BBC, the former Leeds United and Cardiff City chairman was brought in as an advisor to reduce the club's debts.

The struggling League One club has managed to pay a £700,000 tax bill to HM Revenue and Customs through the sale of players.

However, Ridsdale said the club desperately needed £2m it had been promised from Japanese-based directors Yasuaki Kagami and George Synan and that the club's financial situation was "worse than perilous" and the money was to needed to meet running costs until the end of the season.

Speaking to BBC News Ridsdale said: "I came to try and assist Argyle, having been given clear assurances of investment from the Far East.

"I then made it clear that I could not stay if that money had not arrived because I didn't see how we could complete the task.

"The money hasn't arrived. The eighth of February is next week and I've informed the board in writing therefore under those circumstances there is no point in me staying."

Investment from Mr Synan and Mr Kagami, who own 38% of the shares in Plymouth Argyle, was a "critical part in the survival plan".

He said: "We have sold players, but we need money from the Far East and not a penny has been forthcoming.

"The biggest regret that I have is for Argyle supporters because this is a wonderful football club with a tremendous history and it deserves to succeed."

Mr Synan said in a statement: "At this stage we are working together to put together a solution and that is our only focus at this point."

He said he would make further comment "later this week".

The club has been given until 9 February to get its finances on a firmer footing and was dealt a blow when Plymouth City Council refused to buy Home Park and lease the ground back to Plymouth Argyle.

 

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