Plymouth given more time to clear debts
Thu 9th Dec 2010 | Football Club Administration
Plymouth Argyle Football Club have been given more time to clear its debts after appearing in the High Court Yesterday.
The club and a related company, Home Park Properties, faced winding-up petitions issued by HMRC over tax debts of £760,000.
Appearing in court yesterday, the club asked for 56 days' grace, but were given 63 days by the registrar.
According to the BBC, the club told the court they are in the process of refinancing and also have an investor who is ready to put £500,000 into the cash-strapped outfit.
They also claimed that the tax bill of £760,000 is too high and they can make payments to bring it down to £280,000 in January.
According to the club, they have £140,000 available in a bank account to help clear the debt, and that they are owed £48,000 by the Football League, which will be paid directly to HMRC.
A statement on the club's website said: "The board and its advisors are continuing to work through a number of potential answers in order to put the club on a sound financial footing.
"We are advised not to make any further comment at this time.
"When we have anything more to say we will advise you."
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