The Directors of Plymouth Argyle Football Club have today issued a Notice of Intention to appoint Brendan Guilfoyle, Christopher White and John Russell of The P&A Partnership as Administrators as they continue to seek a solution to the Company’s current cash flow problems. This action gives the Club protection from precipitous action from its creditors, whilst at the same time allowing the Directors the opportunity to turn current expressions of interest into a permanent and lasting solution for the Club. This action does not mean that the Club is in administration today nor does it necessarily mean that the club will enter into administration at a future date. Further steps will depend upon the outcome of current discussions with potential investors.
Brendan Guilfoyle says ‘I’m pleased to assist the board of Plymouth Argyle FC and to work with Peter Ridsdale. It does not necessarily follow that the club will be forced into administration, only time will tell.’
Brendan Guilfoyle is a recognised expert in football finance. He has been joint administrator to Leeds United Plc, Luton Town Football Club Ltd and Crystal Palace F.C. (2000) Ltd.
The P&A Partnership is a leading specialist business turnaround and insolvency firm with offices across the UK and in London. Their support for businesses includes restructuring, finance brokering, debt collection and selling assets.