Plymouth CVA carried.

[X Isle]

I know a lot of you guys were interested in our situation, indeed many supported the staff hardship fund for which we're extremely grateful so just a quick update.

This afternoon the creditors voted to accept the CVA put to them by Brendan Guilfoyle and a preferred bidder has been selected. It's all subject to a 28 day appeals process but it would seem our future has been secured - losing this vote was probably going to be the end as the administration process was unfunded.

Bittersweet really. On one hand i'm naturally delighted we're not going into liquidation and, before long, the staff and players who've all been unpaid this year will get their dues. On the other hand though I hate the process completely, it's a hollow victory when you have to pay your debts at less than 1p in the pound.

Also the preferred bidder isn't named yet, so we don't know who it is. For all we know it's out of the frying pan and into the fire.

Sorry to bore you with our plight but today was infinately more important than being relegated on Monday..............we carry on .

 

[Simster]

Good news for your club but, FFS, less than 1p in the pound! Football simply cannot carry on like this, surely?

 

[Curious Orange]

Some light at the end of an awful few months for you.

 

[Nottseagull]

That doesn't even cover the interest.

 

[Daffy Duck]

Great news for you. Hope it really works out well.
And just make sure that you keep hold of Peter Reid, he's been immense, IMHO. A lot of managers would have just said, "bugger this, I'm off", but he stuck with you throughout.

 

[itszamora]

Less than 1p in the pound is simply appalling, those who allowed the club to get into this mess should be ashamed. It's at times like these whilst I do feel some sympathy for the supporters, I feel far more for the people who've been ripped off and I desperately want a big club to go under to show that financial cheating does not work. I fear I may be waiting a while for that, though.

 

[seagullsovergrimsby]

Good luck mate , hopefully Argyle can reorganise themselves in League 2 which is a far better option than being wound up.

 

[X Isle]

Good news for your club but, FFS, less than 1p in the pound! Football simply cannot carry on like this, surely?

I fully concur. I would've actually taken liquidation and rebirth as AFC Argyle on a moral standpoint......trouble is the creditors get ZERO then!.

There's a lesson for you in our situation. I'd have never dreamed this would happen to us. We were always dead proud of our prudent approach and looked sneeringly at clubs like Pompey and Leeds who did the same. Problem was when we were on the fringes of promotion to the premier league the fans (not me I hasten to add) were screaming at the club to "push on" to "make some ambitious signings", a little overstetch turned into a big over stretch and then before you know it the once prudent board have got into bed with some 'investors' (seems they invested f**k all) and three years later we have £17,700,00.00 debts!, it's all laid out in the CVA but none of us can quite believe how we racked that up, it certainly wasn't players.

Like you we came up as champions, like you we loved and trusted our boardroom, they were good people with the genuine best for the club at heart. Unlike 'us' I hope you keep your expectations realistic and don't put them under pressure to "kick on" beyond your means. It's hugely tempting when you are close, Blackpool got away with it, Hull too, but if you don't you'll go our way and it's horrible.

Something needs to be put in place to limit expenditure, not these stupid voluntary agreements.

 

[gripper stebson]

Great news. As it was great news when Pompey and Palace realised they would stay alive. However at some point this 1p in the £ nonsense has to stop.

 

[clippedgull]

I feel for the smaller companies who have been shafted. Maybe it's time for these businesses to demand up front payment for services to football clubs. As for Plymouth, I'm glad that the fans have a club to follow next season.

 

[deletebeepbeepbeep]

I fully concur. I would've actually taken liquidation and rebirth as AFC Argyle on a moral standpoint......trouble is the creditors get ZERO then!.

There's a lesson for you in our situation. I'd have never dreamed this would happen to us. We were always dead proud of our prudent approach and looked sneeringly at clubs like Pompey and Leeds who did the same. Problem was when we were on the fringes of promotion to the premier league the fans (not me I hasten to add) were screaming at the club to "push on" to "make some ambitious signings", a little overstetch turned into a big over stretch and then before you know it the once prudent board have got into bed with some 'investors' (seems they invested f**k all) and three years later we have £17,700,00.00 debts!, it's all laid out in the CVA but none of us can quite believe how we racked that up, it certainly wasn't players.

Like you we came up as champions, like you we loved and trusted our boardroom, they were good people with the genuine best for the club at heart. Unlike 'us' I hope you keep your expectations realistic and don't put them under pressure to "kick on" beyond your means. It's hugely tempting when you are close, Blackpool got away with it, Hull too, but if you don't you'll go our way and it's horrible.

Something needs to be put in place to limit expenditure, not these stupid voluntary agreements.

If anything, this is timely warning to us re. the Glenn Murray situation. It's a long old road you go down once you start breaking wage limits.

 

[upthealbion1970]

You still have a club to support thankfully. Yes 1p in the £ doesn't sound great but you raised much needed funds in January selling your better players so fair play I say

 

[Couldn't Be Hyypia]

Any bets on who will have benefitted from the CVA? What was the name of that adviser they had ..........

 

[Was not Was]

There's a lesson for you in our situation. I'd have never dreamed this would happen to us. We were always dead proud of our prudent approach and looked sneeringly at clubs like Pompey and Leeds who did the same. Problem was when we were on the fringes of promotion to the premier league the fans (not me I hasten to add) were screaming at the club to "push on" to "make some ambitious signings", a little overstetch turned into a big over stretch and then before you know it the once prudent board have got into bed with some 'investors' (seems they invested f**k all) and three years later we have £17,700,00.00 debts!, it's all laid out in the CVA but none of us can quite believe how we racked that up, it certainly wasn't players.

Like you we came up as champions, like you we loved and trusted our boardroom, they were good people with the genuine best for the club at heart. Unlike 'us' I hope you keep your expectations realistic and don't put them under pressure to "kick on" beyond your means. It's hugely tempting when you are close, Blackpool got away with it, Hull too, but if you don't you'll go our way and it's horrible.

Something needs to be put in place to limit expenditure, not these stupid voluntary agreements.

Wise words.

 

[X Isle]

Any bets on who will have benefitted from the CVA? What was the name of that adviser they had ..........

Erm.........

I assume you are referring to Ridsdale, if so he wasn't advising on the Admin process just keeping us going while the former owners were busying themselves doing the square route of f**k all. In fact if it wasn't for his 'previous' we'd be history.

He identified that HMRC would have more than the 25% of the debts if we didn't clear the February winding up order so instigated the fire sale (you need 75% of creditors to agree to a CVA). In so doing he deprived HMRC of their longstanding desire to liquidate a football club and set an example. Fair play to Ridsdale, despite our massive and understandable disquiet when he showed up, he's been fantastic, we'd be history without him.

He was in the frame for the Executive Chairman job if one of the parties became preferred bidder (Reidy job was safe under that one too) but as we sit here we're unclear who has been given PB status. As you can imagine the boards are going nuts, you could power an entire city off the frustration of a group of football fans on a messageboard who don't know something they really need to know .

Best guess seems to be a faceless consortium of Irish investors with previous in the property development sphere, oh triffic :US:.

 

[UaeGull]

I'm pleased for you and for Plymouth! As an exiled Brighton fan I enjoyed three good seasons at Home Park while living in Mannamead. I had a good view of the ground on the other side of the hill from my bedroom window when I was a student at your Poly in the 70's, Mariner and Machin up front then. Good days. We'll never forget it was one of your fan's suggestions for "Fans United." Actually some of these League Two days out are quite fun (okay the travel will be demanding for you) with a mostly genuine football fans played in quaint grounds with standing and good chippies and pubs nearby. You'll certainly up your tally toward the 92 club. Wishing the Argyle all the best with your new owners. I hope they have a genuine interest in the club and that you'll have a quick return!

 

[Seagull Steve]

I fully concur. I would've actually taken liquidation and rebirth as AFC Argyle on a moral standpoint......trouble is the creditors get ZERO then!.

There's a lesson for you in our situation. I'd have never dreamed this would happen to us. We were always dead proud of our prudent approach and looked sneeringly at clubs like Pompey and Leeds who did the same. Problem was when we were on the fringes of promotion to the premier league the fans (not me I hasten to add) were screaming at the club to "push on" to "make some ambitious signings", a little overstetch turned into a big over stretch and then before you know it the once prudent board have got into bed with some 'investors' (seems they invested f**k all) and three years later we have £17,700,00.00 debts!, it's all laid out in the CVA but none of us can quite believe how we racked that up, it certainly wasn't players.

Like you we came up as champions, like you we loved and trusted our boardroom, they were good people with the genuine best for the club at heart. Unlike 'us' I hope you keep your expectations realistic and don't put them under pressure to "kick on" beyond your means. It's hugely tempting when you are close, Blackpool got away with it, Hull too, but if you don't you'll go our way and it's horrible.

Something needs to be put in place to limit expenditure, not these stupid voluntary agreements.

I hope some of the members here who were crying out for the likes of Michael Owen for the Amex, read this.

I am pleased for the supporters and staff of Argyle, and wish you all the best with your new owners.

 

[Thunder Bolt]

I fully concur. I would've actually taken liquidation and rebirth as AFC Argyle on a moral standpoint......trouble is the creditors get ZERO then!.

There's a lesson for you in our situation. I'd have never dreamed this would happen to us. We were always dead proud of our prudent approach and looked sneeringly at clubs like Pompey and Leeds who did the same. Problem was when we were on the fringes of promotion to the premier league the fans (not me I hasten to add) were screaming at the club to "push on" to "make some ambitious signings", a little overstetch turned into a big over stretch and then before you know it the once prudent board have got into bed with some 'investors' (seems they invested f**k all) and three years later we have £17,700,00.00 debts!, it's all laid out in the CVA but none of us can quite believe how we racked that up, it certainly wasn't players.

Like you we came up as champions, like you we loved and trusted our boardroom, they were good people with the genuine best for the club at heart. Unlike 'us' I hope you keep your expectations realistic and don't put them under pressure to "kick on" beyond your means. It's hugely tempting when you are close, Blackpool got away with it, Hull too, but if you don't you'll go our way and it's horrible.

Something needs to be put in place to limit expenditure, not these stupid voluntary agreements.

I will also say 'Wise words' All the best for next season and fight your way back up again.

 

[severnside gull]

We will always be in your debt for Fans United.

I really hope it all works for you. There is a rumour that we might be interested in "helping" you further by purchasing Yannick Bolassie. I appreciate that won't be very welcome (although if it happened we would at least be keeping him away from Southampton's clutches!). Have you forgiven us for nicking Nooney yet? Despite the firesale I think we probably paid at least the going rate and maybe then some at £300K.

Whatever happens I'm sure you will bounce back.

 

[Johnnyboy]

This should have been our big friendly and put some money in the Argyle purse!!