Another football club has entered into Administration with Plymouth Argyle appointing Brendon Guilfoyle of The P & A Partnership as Administrator after an eventful morning at the High Court.
A court hearing was scheduled for 10.30 this morning were H M Revenue and Customs applied to the court to appoint as Administrator ASAP. After a little bit of legal toing and froing and after a change of Judge due to a conflict of interest the directors and shareholder met and appointed Mr Guilfoyle as Administrator.
H M Revenue and Customs had also tried to apply for a winding up petition but this was turned down by the Judge who advised them to challenged the football creditor rule which they intend to do.
Mr Guilfoyle has issued a statement in which he states that he is looking to find a buyer for the club before the 17 March 2011 and he has already received interest from a number of parties. He is also going to sit down with Plymouth City Council on Monday 7 March 2011 to plan the survival of the club.
But how has this come to happen with Plymouth who were only taken over by the New World Partnership in 2009 and were heavily involved in the the failed World Cup 2018 bid in which they had hoped to be a chosen venue.
Reason for the failure include the lack of fund being invested by there Japanese Shareholders who had continually promised and failed to invest funds and the estimated loss of £3million in turnover when the club was relegated from the Championship last season
Since then the club has had to fight off several winding up petition from H M Revenue & Customs the most recent being in February this year in which Peter Risdale the former Chairman of Leeds United and Cardiff City and football consultant employed by the board claimed that £2 to 5 million would be required just for Argyle to see out the remainder of this season. (This is about the same amount of the alleged payoff received by Roy Hodgson when he was sacked by Liverpool)
So what is going to come out of todays event
Are H M Revenue and Customs going to continue with the aggressive approach to force football clubs into Administration?
Are they going to challenge the football creditor rule and should the Football Association and Football League be worried?
Are Plymouth Argyle going to find an buyer before the 17 March?
Only time will tell.