Plymouth go into administration
Fri 4th Mar 2011 | Football Club Administration
Plymouth Argyle Football Club have gone into administration following a meeting of the club's directors today.
The League One outfit have appointed P&A Partnership as their administrator. A High Court judge is in the process of deciding whether Her Majesty's Revenue & Customs can still apply for a winding-up petition.
Speaking to the club’s website before the decision was made, manager Peter Reid said; "The only thing that worries me in this is that there are going to be people who lose.
“Some of the debtors are local people, who work within the football club, who are really good people. If they lose money I find that distasteful.
"From my point of view, if we could get somebody in who pays all the debts and we keep going, that would be my ideal scenario. But is there anybody out there who will do that?
"Hand on heart, I want someone to come in and take over the club, take over the debts, pay people, get the club on a sound financial footing and hopefully get their investment back by running it like a business over a number of years. That's the logical way."
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