Plymouth debt totals £17m
Tue 26th Apr 2011 | Money & Finance
Plymouth Argyle's debts have spiralled to £17m and creditors will have to accept 0.77p in the pound. Some £5m of the total is secured against Home Park and must be repaid in full, but the remainder is owed to unsecured creditors.
More than 75 per cent of those unsecured creditors must accept the deal by May 6th or the club will be wound up. It is thought that most of the major creditors will be prepared to accept the deal.
The biggest single debt is to Plymouth players who are owed £2.8m. Mastpoint, the company set up by two former directors, is owed £13m while directors' loans account for a further £1.5m. Smaller businesses and charities will be hard hit.
St John's Ambulance is owed £8,192 and will get just £66. Inscape, the company who laid the new pitch in the summer, will get £2,400 of the £300,000 owed to them.
In a superb gesture Plymouth's players rejected the administrator's offer of 15 per cent of this month's wages so that non-playing staff could have a greater percentage of theirs.
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