Ridsdale gives Plymouth Argyle Directors ultimatum
Tue 1st Feb 2011 | Money & Finance
Peter Ridsdale has given an ultimatum to the club's major shareholders to pay up by 8 February, or he goes.
According to the BBC, the former Leeds United and Cardiff City chairman was brought in as an advisor to reduce the club's debts.
The struggling League One club has managed to pay a £700,000 tax bill to HM Revenue and Customs through the sale of players.
However, Ridsdale said the club desperately needed £2m it had been promised from Japanese-based directors Yasuaki Kagami and George Synan and that the club's financial situation was "worse than perilous" and the money was to needed to meet running costs until the end of the season.
Speaking to BBC News Ridsdale said: "I came to try and assist Argyle, having been given clear assurances of investment from the Far East.
"I then made it clear that I could not stay if that money had not arrived because I didn't see how we could complete the task.
"The money hasn't arrived. The eighth of February is next week and I've informed the board in writing therefore under those circumstances there is no point in me staying."
Investment from Mr Synan and Mr Kagami, who own 38% of the shares in Plymouth Argyle, was a "critical part in the survival plan".
He said: "We have sold players, but we need money from the Far East and not a penny has been forthcoming.
"The biggest regret that I have is for Argyle supporters because this is a wonderful football club with a tremendous history and it deserves to succeed."
Mr Synan said in a statement: "At this stage we are working together to put together a solution and that is our only focus at this point."
He said he would make further comment "later this week".
The club has been given until 9 February to get its finances on a firmer footing and was dealt a blow when Plymouth City Council refused to buy Home Park and lease the ground back to Plymouth Argyle.
SUBSCRIBE TO THE F.C. BUSINESS RSS FEED
If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk
Google
Yahoo
Live
del.icio
DiggRelated Articles
Manchester City 'best value for money' for fans
Tue 22nd May 2012 | Money & Finance
Manchester City have won the Premier League title and are also top of the league of value for fans, according to the ING Direct Value table. The bank chart compares club season ticket costs with...
Manchester United remain world's most valuable football brand
Tue 22nd May 2012 | Money & Finance
Manchester United remain the world’s most valuable football brand with a value of €672.9 million (£543m), despite ending the 2011-12 campaign without a trophy. The Brand Finance...
Gold welcomes financial benefits
Mon 21st May 2012 | Money & Finance
David Gold admits West Ham would have been in big financial trouble had they failed to make an immediate return to the Premier League. Gold reckons that Ricardo Vaz Te's goal three minutes from time...
Liverpool Count Cost Of Stadium Ambitions
Thu 3rd May 2012 | Money & Finance
Liverpool’s latest accounts show the true extent of Hicks and Gillett’s troubled tenure with over £35m wasted on the failed Stanley Park project. In an interview on the club’s...
