Business Directory

Browse the Directory

Sign Up to the Directory

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

Plymouth Argyle to get financial lifeline 'by Monday'

Fri 4th Feb 2011 | Money & Finance

Plymouth Argyle Football Club look set to receive a financial lifeline after Japan-based club director George Synan promised funds would arrive ‘by Monday’.

The club, who are on the brink of administration will be handed a £2m cash injection from Synan after Chairman Peter Ridsdale set an ultimatum to Tokyo-based directors Yasuaki Kagami and Synan to provide the funds that were promised when he took over.

According to sources, the pair have agreed to send the money to Home Park in four installments – the first of which is more than a month late. Now Synan has told the Plymouth Herald newspaper that Argyle would get their survival funds.

Synan told the newspaper: “It [the money] doesn’t need to be there until Monday anyway. We are targeting next Monday to actually be on the ground [in Plymouth]. I want to be there in person to make sure everything is coordinated on that side.”

Asked about the club’s chances of survival, he added: “We are all confident we will avoid liquidation.”

Synan also promised that there were no plans to put the club into administration, a process that would lead to a ten-point deduction and almost certain relegation to League Two. “We’re doing everything we can to avert that,” he concluded. “That’s not something we have on our agenda right now.”






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

Watford FC: An Unlikely Financial Success Story?

Wed 26th Apr 2017 | Money & Finance

The business model carried out by the owners of Watford FC is unlikely to be adopted by too many sectors outside of football, but by hiring and firing a conveyor belt of managers, they have managed to...

Newcastle United & West Ham Face Tax Investigation

Wed 26th Apr 2017 | Money & Finance

Newcastle United and West Ham United have been targeted by HMRC for alleged Tax and National Insurance fraud. Officers are understood to have raided the offices at St James’s Park and the London...

Premier League Revenues Grow But Losses Return

Thu 20th Apr 2017 | Money & Finance

Premier League clubs’ revenues increased to a new record of £3.6bn in 2015/16, according to Deloitte, the business advisory firm. Analysis of the financial results of Premier League clubs...

7 Tips From The Best Online Football Merchandise Stores

Thu 13th Apr 2017 | Money & Finance

CEO, Lewis Holland and the team at DiscountIF team have been studying various merchandise stores of football clubs in the UK. This article was originally posted here. We’ve compiled a short list...