Green Army latest. Will they have a club next season?

[smudge]

Just can't believe a club like them could go under. I know Plymouth well & they have some fanatical fans. The latest doesn't sound good, especially with 13 million quid owed.

Plymouth Argyle's future remains in the balance after it was revealed that two potential bidders have yet to agree the financial terms.

The relegation-threatened League One side entered administration this month owing about £13m.

"They will proceed if we can get the secured debt down to a level they're prepared to pay," the club's financial advisor Peter Ridsdale told BBC Sport.

"At the moment it is in excess of what the bidders are willing to take on."

Ridsdale added: "The club can get to the end of the season through the goodwill of the players and staff. But it can't be right and proper that the staff and players go without pay."

Argyle's playing squad have not been paid by the club in 2011, relying instead on loans from the Professional Footballers' Association.

On Tuesday, BBC Spotlight revealed Cornish-based property developer Kevin Heaney was the preferred bidder.

The other bidder is reported to be Devon-based property developer James Brent.

 

[bob monkhouse]

The club's financial advisor Peter Ridsdale .

Hmmmmmmm..........How do these people continue in the game !

 

[clippedgull]

Something will be worked out. It will probably rely on the creditors having to take a massive hit, or agree to sit out and wait long term for any repayment. Although its not good that staff are not being paid, its also not good that some small firms who are owed money by Plymouth Argyle might have to lay staff off or even worse fold. It's a sorry mess all round.

 

[HastingsSeagull]

They need to get rid of players for frees if cant sell, minimise liabilities and turn any sort of profit by just playing youngsters and selling on the best. If can survive in L2 for a few years paying off a fraction of debt each season (need long term view from creditors but surely better than 10/20p in the pound) and just sucking it up for 10 years before they're back to competing. Must be better for the fans than starting again like AFC Wim and taking 10 years+ to get back up.

 

[Spun Cuppa]

Here we go again!

Why is it that football clubs never actually go bust?

It is probably because they are a brilliant money-laundering/tax avoidance opportunity too good to be missed by some shrewd businessmen types!?

 

[Tooting Gull]

When you're desperate, it's any port in a storm as well. It seems like the two bidders are both property developers. That is a huge site at Plymouth, with all the car parks and everything round it, massive. That is surely not a coincidence.

 

[severnside gull]

Fallon's loyalty in refusing to go to Bristol could be viewed very differently when you take into account Plymouth's contractual committment to him. Then again, just three months ago Ipswich were going to pay £500K for him and that - combined with his salary etc - would have made a big (although perhaps not significant) difference.

 

[Seagull Steve]

the club's financial advisor Peter Ridsdale told BBC Sport..

and therein lies their main problem.

I hope they get out of this mess for the fans sake, I have been to home park a couple of times and they are a good crowd.

 

[Harold]

Choice of two interested property developers eh...talk about being between a brick and a hard place.

 

[Mammoth]

They will have a club. Question is will it be in league one, two or 10 divisions lower in the pyramid?

I wish them well for an uncertain future.

 

[Martlet]

Choice of two interested property developers eh...talk about being between a brick and a hard place.

and there was me thinking mr bloom might have one or two property interests...

 

[Tom Hark Preston Park]

Peter Reid cut a pretty forlorn figure at Withdean recently. H Block gave him a pretty decent round of applause as he came out for the second half but he looked seriously depressed and unwell.

Ridsdale as financial advisor and a property developer as preferred bidder don't bode well at all. Do they have a Supporters Trust in place? That sometimes wards off the bad guys.

Wishing them well.

 

[Harold]

and there was me thinking mr bloom might have one or two property interests...

Quite possibly he has, however his family has a long standing association with the Albion.

The Argle article sounded a tad worrying in so much as only property developers had expressed interest in getting involved. Was it not private investors looking to make money out of follow on land sale down there (World Cup bid, land round Home Park, etc) that contributed to the mess?

 

[seagullsovergrimsby]

The 2 interested parties know full well that Home Park is worth a fortune if it can be redeveloped , are they taking advice from a certain Mr Archer

 

[Tom Hark Preston Park]

The 2 interested parties know full well that Home Park is worth a fortune if it can be redeveloped , are they taking advice from a certain Mr Archer

It was never going to be a coincidence that there's two property developers sniffing around.

Anybody know how much protection a Supporters Trust would offer? Certainly worked for Lewes FC.

 

[BensGrandad]

Havent they fallen foul of the Supporters Trust by using money that was intended for youth developement to pay bills and also a tax bill to avoid being wound up.

 

[Tooting Gull]

Fallon's loyalty in refusing to go to Bristol could be viewed very differently when you take into account Plymouth's contractual committment to him. Then again, just three months ago Ipswich were going to pay £500K for him and that - combined with his salary etc - would have made a big (although perhaps not significant) difference.

It's a good point, a bit like Beeney all those years ago. Is he actually being 'loyal' by staying? The club could get a cash lifeline, and his mates actually get paid. In football terms Bristol is the better bet, he'd get a pay rise, and if anything the Argyle fans wouldn't be pissed off, they'd thank him.

 

[Dominoid]

The bids are subject to Home Park remaining the home of Plymouth Argyle Football club and backing out of that promise would likely mean the bidders get saddled with all the debt they're trying to avoid so I doubt that will happen. There's currently a massive amount of redevelopment going on in the ground around Home park (There's shitloads of land that isnt' really being used for much around it) and there's a "life centre" being built by the council. Rumour has it, the plan is to add a hotel and some more leisure facilities around to make it into a full on leisure complex that in itself could turn over as much money as the club. Home Park would of course be at the centre of any such complex. I do believe as well that one of the bidders has the support of the argyle fans trust but sadly this is not the current front runner.
The fans trust is at Argyle Fans' Trust - They could probably do with our support right now.

 

[Cantona's Flying Dropkick]

Looks even worse now, frontrunner pulls out :-

Truro chairman Kevin Heaney pulls out of Argyle deal [BBC]

Truro chairman Kevin Heaney has pulled out of a deal to buy Plymouth Argyle, BBC Spotlight understands.

The Cornwall-based businessman was believed to be the front runner to save the administration-hit club.

However, the administrator, Brendan Guilfoyle, has now been told he will have to look elsewhere for a buyer.

It is unclear why the deal fell through, although media coverage of Heaney's interest has been cited as a possible explanation.

Another problem could have been financing the deal, and additionally, the failure to reach an agreement with investment group Mastpoint, who hold a secured mortgage on Home Park.

Heaney's bid had been favoured because of the amount of money that would have been invested in the club.

It is understood two other offers to save the League One strugglers are still on the table.

One is from a south-east based businessman, Paul Buttivant, who has refused to confirm or deny his interest.

The other interested party is thought to be James Brent, owner of a hotel group based in Devon, who has been unavailable for comment.

On Wednesday, Plymouth Argyle's acting chairman Peter Ridsdale warned that unless an agreement is reached between creditors and a potential buyer, legal action could ensue.

"There is a prospect that the administrator will look to the court to try and take a view on how much security should be applied against the stadium," said Ridsdale.

"I'm hoping it won't come to that, but it's the administrator who's in discussions with the potential bidders."

He continued: "The club is administration and unless it can find a buyer it will go into liquidation, so obviously we're running very fast to find a solution."

 

[B.W.]

Well, I for one, really hope they survive this mess... don't want any club to go under, not even Pal@rse...