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Plymouth go into administration
Published : 04 Mar 2011 17:00:09
Crisis-torn Plymouth have gone into administration and will now step up their search for new owners.
The npower League One outfit, who lie bottom of the table and have already been docked 10 points, have appointed Brendan Guilfoyle of the P&A Partnership as its administrator.
An application by Her Majesty's Revenue & Customs to present the club with a winding-up petition was turned down at a High Court hearing on Friday.
Guilfoyle, who has has taken control of the club with immediate effect and will be assisted by insolvency lawyer David Hinchcliffe, is hoping to find a buyer for the club by March 17.
Guilfoyle revealed three parties had expressed an interest in acquiring the club but said there were plenty of obstacles to overcome.
He said: "I am optimistic that we'll find a buyer. In previous clubs I've worked with, most recently Leeds United, Luton Town and Crystal Palace, we've always succeeded in finding a buyer and I'm encouraged by the fact that we have three parties that are expressing a definite interest in acquiring Plymouth Argyle.
"Unfortunately for the club, none of those parties are interested in buying the club shares, they want to buy the club from an administrator, thereby reducing the amount of money they have to make available to buy the club.
"So, in relatively short time, I hope to have given exclusivity to the most promising purchaser who in return will give me funding."