Ridsdale admits administration is "strong possibility"

25 February 2011 05:30
Peter Ridsdale has revealed there is a "strong possibility" Plymouth will go into administration before a buyer is found, although he is currently in talks with three parties who are "very interested" in the League One club. Cash-strapped Argyle have been hit with a 10-point deduction after issuing a `notice of intention' to appoint an administrator earlier this week, and administration would potentially give new owners the chance to rebuild with a clean slate rather than clear debts. Plymouth`s financial advisor Ridsdale, who also revealed staff and players had not been paid on Friday, told BBC Spotlight: "We`ve always hoped Plymouth wouldn`t go into administration but I think at the moment, having given the notice of intention, there is a strong possibility that prior to a final conclusion we may have to go into administration "What I`m hoping is that will be for a matter of days rather than a longer period because we have got potential buyers and hopefully it will be merely part and parcel of the buying process. "I will only feel I have failed if we haven`t found a buyer who can take this club forward, the most important thing is to have the right financial structure for the club for the future and it may well be that the only way of achieving that is a brief period of administration." He added: "We have three buyers who we think are very interested, two of whom are slightly further ahead than the third. We`ve also got expressions of interest from two or three other people. I think given the timeframe, we`re concentrating on the first three at this stage."

Source: PA