Day Posted February 21, 2011 Share Posted February 21, 2011 Plymouth Argyle have been deducted 10 points with immediate effect after they issued a notice of intention to appoint an administrator. The notice is classed as an 'insolvency event' which breaks Football League sanctions and commands the automatic 10-point penalty. The League One strugglers have been the subject of three winding-up petitions from HM Revenue & Customs this season. It leaves Argyle bottom of League One, 10 points from safety. The 'Notice of Intention' gives the club 10 working days to either appoint an administrator or find new investors, with David Hinchliffe from Walker Morris Solicitors appointed in the interim period to work alongside the Home Park club's consultant to the board Peter Ridsdale. A statement on Plymouth's club website: "This action gives the club protection from insolvency action from creditors. "This does not mean that the club is in administration today nor does it assume that it will necessarily enter into administration at a future date." Former Leeds chairman Ridsdale, who has been advising Plymouth's board since December 2010, has previously told the BBC that £2 million is needed to ensure the club survives until the end of the season. With his side now facing an uphill battle against relegation, Argyle manager Peter Reid told BBC Spotlight: "From a football point of view it's a massive blow to the club. "You've just got to get on with it. It's going to make it really difficult but we've just got try and start the fight back against Brighton "Hopefully the board of directors can sort out the financial problems and hopefully this is the lowest ebb and we can start rising from this situation." Problems for Argyle first surfaced when they were placed under a transfer embargo by the Football League at the end of 2009 because of then-unpaid debts to HMRC. Subsequent relegation from the Championship last season then cut Argyle's income by around £3 million, and in November details emerged of two winding-up petitions from HMRC over further unpaid tax debts of £760,000. The club then sold several of their star players in January, including Craig Noone and Bradley Wright-Phillips , in an effort to clear the petition debt. Tax remains a major problem for the Devon-club with their next bill, estimated at £300,000, due on Tuesday. However, by issuing the 'notice of intention' the club is protected from its creditors, meaning that failure to pay HMRC by the deadline will not lead to the presentation of a compulsory winding-up petition. Meanwhile, Plymouth's players are still awaiting their January wages , having been paid late in both November and December. http://news.bbc.co.uk/sport1/hi/football/teams/p/plymouth_argyle/9401625.stm Link to comment Share on other sites More sharing options...
Srg Posted February 21, 2011 Share Posted February 21, 2011 Always a shame but rules are rules. Link to comment Share on other sites More sharing options...
Dangerous Posted February 21, 2011 Share Posted February 21, 2011 i know a plymouth fan and he says they will go bust Link to comment Share on other sites More sharing options...
Boycie Posted February 21, 2011 Share Posted February 21, 2011 Will they feck, Pompey owed loads more to the Taxman, are they a special case? Link to comment Share on other sites More sharing options...
Dangerous Posted February 21, 2011 Share Posted February 21, 2011 pompey were in the premier league.the prem cannot see one of their teams go under,bad for business. Link to comment Share on other sites More sharing options...
EastKentRam Posted February 21, 2011 Share Posted February 21, 2011 Always liked Plymouth, nice place and one of the best travelling support in the country. Link to comment Share on other sites More sharing options...
froggg Posted February 21, 2011 Share Posted February 21, 2011 Can't see them going under me sen, nice club, be a shame if they did. Link to comment Share on other sites More sharing options...
uttoxram75 Posted February 21, 2011 Share Posted February 21, 2011 Why would any football club want Peter Ridsdale advising them? Link to comment Share on other sites More sharing options...
Boycie Posted February 22, 2011 Share Posted February 22, 2011 take the easy option. Wonder how things would have turned out if we had gone under when we were doing well under Burley, and stopped in the second tier of football with a clean slate? Link to comment Share on other sites More sharing options...
Derbiean Posted February 22, 2011 Share Posted February 22, 2011 What has happened to Plymouth is nothing short of a travesty and how the board got them into so much trouble i'll never know. Good luck to the club and its fans. Link to comment Share on other sites More sharing options...
Plan B Posted February 22, 2011 Share Posted February 22, 2011 I don't like seeing any club go bust, not even f*rest. Shame because I like Plymouth. Link to comment Share on other sites More sharing options...
Hove_Ram Posted March 2, 2011 Share Posted March 2, 2011 Looks like things are about to get a lot worse for the Pilgrims: http://news.bbc.co.uk/sport1/hi/football/teams/p/plymouth_argyle/9411804.stm I've been feeling pretty down, post Doncaster, but these kind of stories put it into perspective a bit. Hope they survive, if only because I remember how close we've come on occasion... :frown: Link to comment Share on other sites More sharing options...
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