Leaders
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

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.

 

RETURN TO LATEST NEWS SECTION

 

SUBSCRIBE TO THE F.C. BUSINESS RSS FEED

 

If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

How Football Clubs Source Their Revenue

Thu 22nd Jun 2017 | Money & Finance

It will come as a surprise to no one that football is big business these days. Although players’ wages – especially at the top teams – have increased remarkably, the clubs can pay...

“Why Does Your Club Offer Discounts?” 5 Responses

Tue 6th Jun 2017 | Money & Finance

Following my article last week on the 3 observations about discounts offered on football clubs’ merchandise stores ; I wanted to share some more insight in to the merchandise space. I’ve...

West Ham United announce record season ticket renewals

Thu 1st Jun 2017 | Money & Finance

West Ham United have announced a club record number of season ticket renewals for the 2017/18 Premier League campaign. At Wednesday's 5pm deadline, over 90% of the 52,000 season ticket holders at...

Footballers, their cars, and how many minutes of play it takes to pay for them

Thu 1st Jun 2017 | Money & Finance

Online used car dealership Carspring have researched the vehicles driven by more than 250 of the world’s leading football players. With this information, along with the estimated salaries of...