Plymouth Argyle deducted 10 points
Tue 22nd Feb 2011 | Football Club Administration
The Football League have issued Plymouth Argyle Football Club with a 10 point deduction with immediate effect.
The penalty comes after the club issued a ‘Notice of Intention’ to appoint an administrator yesterday.
The League One strugglers have been the subject of three winding-up petitions from HM Revenue & Customs this season, however this 'insolvency event' breaks Football League sanctions and commands the automatic 10-point penalty.
A statement on the club website yesterday said: "The directors of Plymouth Argyle Football Club have today issued a Notice of Intention to appoint Brendan Guilfoyle, Christopher White and John Russell of The P&A Partnership as administrators.
"This action gives the club protection from insolvency action from creditors.
"This does not mean that the club is in administration today nor does it assume that it will necessarily enter into administration at a future date."
Peter Ridsdale, the former Leeds United chairman, has been advising Plymouth's board since December 2010, previously told the BBC that £2m was needed to ensure the club’s survival.
After issuing a plea to the club’s Japan based directors Yasuaki Kagami and George Synan to come forward with the cash, which was promised ‘by Monday’ 8th Feb the money failed to appear, bring forward this action.
Argyle’s long running financial problems first surfaced when they were placed under a transfer embargo by the Football League at the end of 2009 because of then-unpaid debts to HMRC.
Subsequent relegation from the Championship last season then cut Argyle's income by around £3m, and in November details emerged of two winding-up petitions from HMRC over further unpaid tax debts of £760,000.
Plymouth’s Notice of Intention came just before with their next tax bill, estimated at £300,000, which was due today (Tues 22nd Feb)
However, by issuing this notice the club is protected from its creditors, meaning that failure to pay HMRC by the deadline will not lead to the presentation of a compulsory winding-up petition.
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