Plymouth Argyle to get financial lifeline 'by Monday'
Fri 4th Feb 2011 | Money & Finance
Plymouth Argyle Football Club look set to receive a financial lifeline after Japan-based club director George Synan promised funds would arrive ‘by Monday’.
The club, who are on the brink of administration will be handed a £2m cash injection from Synan after Chairman Peter Ridsdale set an ultimatum to Tokyo-based directors Yasuaki Kagami and Synan to provide the funds that were promised when he took over.
According to sources, the pair have agreed to send the money to Home Park in four installments – the first of which is more than a month late. Now Synan has told the Plymouth Herald newspaper that Argyle would get their survival funds.
Synan told the newspaper: “It [the money] doesn’t need to be there until Monday anyway. We are targeting next Monday to actually be on the ground [in Plymouth]. I want to be there in person to make sure everything is coordinated on that side.”
Asked about the club’s chances of survival, he added: “We are all confident we will avoid liquidation.”
Synan also promised that there were no plans to put the club into administration, a process that would lead to a ten-point deduction and almost certain relegation to League Two. “We’re doing everything we can to avert that,” he concluded. “That’s not something we have on our agenda right now.”
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