Plymouth Argyle set to call in administrators
Mon 21st Feb 2011 | Football Club Administration
Plymouth Argyle Football Club’s future looks in doubt after deputy chairman, Paul Stapleton said he was seeking to appoint an administrator today.
The League One club have been struggling to pay off a £300,000 tax bill after successfully fought off a winding-up order from the High Court earlier in the month after a separate tax debt was paid in full.
The ‘Notice of Intention’ was issued via the club’s website today in a statement from Stapleton.
“The Directors of Plymouth Argyle Football Club have today issued a 'Notice of Intention' to appoint an administrator as they continue to seek a solution to the Company's current cash flow problems,” it read.
“This action gives the Club protection from Insolvency Action from Creditors, whilst at the same time allowing the Directors the opportunity to turn current expressions of interest into a permanent and lasting solution for the Club
“This action 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. Further steps will depend upon the outcome of current discussions with potential investors.
“Under current Football League rules and despite the fact that the action taken is not administration, Plymouth Argyle Football Club will be subject to a ten-point penalty under the League's Sporting Sanctions rule.
“To allow the best options for the way forward to be independently assessed, David Hinchliffe from Walker Morris Solicitors has been appointed to work with Peter Ridsdale who will for the time being continue to act as an Independent Advisor to The Board.”
Should the club fall into administration they will be deducted 10 points by the Football League. Currently sitting in 19th place just 2 points above the relegation places a 10 point deduction could see them relegated at the end of the season to League Two.
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