They don't. They let the old company go bust - it's nothing to do with them after all. Then they restart as AFC Plymouth (as the old company will still own the name) at an affordable level, without having to find millions to clear the old club's debts. Any club can always restart under new ownership. Hard work I'm sure but there are lots of precedents now.
Whilst I genuinely feel for the supporters it would be frowned upon if any other business purposely went into liquidation/administration owing millions, only to re-emerge with a slightly different name. What about the debtors & the knock on effect caused, who feels sorry for them?? Any club that goes into liquidation & leaves the Football League should be banned until all debts are paid. They can survive & indeed flourish somewhat in non-league football. It's not the end of the world. But until their debt is paid, that's where they stay.
hi the debtors have signed away most of the debts that is why debt is 6m and not 17m. the 6m is nearly all club staff, groundstaff, players and management 10 months back pay. which i think they are entitled to after all this debacle. if the consortium wins the battle signs contracts and hands over the wonga, ridsdale gets to own the club for £1 and he rents stadium from the consortium. the rest of home park, car parks etc will be developed by the consortium. nice work if you can get it, but nothing signed or cash handed over coupled with the fact the administrator brendan guilfoyle has done a runner allegedly. there are many people trying to get their hands in the till here. the innocent are peter reid, his players, the clubs staff etc. there should be an enquiry into this debacle by the FL at least. more news follows
It's gracious they have done so, but why should debtors have to sign away a debt? If I lend you you a tenner I want a tenner back, not £1.50. If you can't afford a tenner then don't borrow it in the first place. Whilst I appreciate that people at the club haven't been paid, what happens to the little man? Lets say the catering company that goes out of business because they're owed money by the club? What if we had sold Hart to a club that then goes bust, only for them to re-emerge as an AFC & renege on the deal to then make 10 million plus selling him sometime down the line?! Yes, I sympathise with the supporters & I touch wood it doesn't happen to us. But spend within your means, manage your money properly, get the right people in place & you'll be ok.
Dodgy, Dodgy, Dodgy. Didn't Vale do this, sell the club and rent it back? They sold it for £1.6m and paid £750k every year in rent. Alan Sugar or Theo Pathitis would tell them to go stick it somewhere!
Agree with the sentiment here Jenny, but: - When I borrowed your tenner, I didn't know I'd get into trouble and only be able to pay back £1.50. I'm really sorry but it's that or nothing and that's the risk you accepted when you wanted my business and lent me the money. That's their argument and, sometimes, it has some merit. - Same with the catering company. If they go out of business because of this then their business was as weak as the club's. They should have practised better credit control sooner and they shouldn't be relying so much on a dodgy footie club anyway. Goes with the territory I'm afraid. - If City went bust (I can dream) after Hart joined them, he would be released from his contract and wouldn't be theirs to sell for £10m, he'd be a free agent. Tough on us but at least they wouldn't benefit either. As before, it goes with the territory and I expect well run clubs factor this possibility into transfer negotiations these days. It's not really a club that goes bust, it's the company that owns the club. That's just the same as if a company that owned any brand went bust. If someone else can start a similar club under new ownership that seems fine to me. I wouldn't want it to be anyone involved in the old, failed company but that's not illegal (and happens every day in business). It gets complicated when there's land involved and, inevitably, that's the only economically valuable asset when a lower league club fails. But if you buy a club (or really, the company) for £1 and it has debts of £6m then you acquire that debt. If the ground is worth more than £6m, you've got a good deal. If not, you'd have done better to wait for the club/company to go under and then buy the ground (free of debt) from the liquidator and start again. Or build houses on it. I'm all in favour of stricken clubs going bust (rather than get themselves and their creditors into a worse mess) and then have fans restart their club at an appropriate non-league level. It's always the stadium that complicates it - which is where Telford and Chester have been so fortunate. "Spend within your means, manage your money properly, get the right people in place & you'll be ok." Agree with that 100%.
sorry jenny when i said waived the debt, i meant the debtors accepted say 5p for every £ owed, this is what reduced the debt leaving wages outstanding. the administrators and ridsdale lose nothing but the staff, manager and players could lose big time
when argyle went into admin they owned their stadium becaused the council refused to but it off them to prevent going into admin. exeter city is run by their fans
absolutely spot on...thats why this wouldn't happen if the supporters owned their own clubs,and got rid of the likes of Ridsdale and the rest of the free loaders its just not the ones who run the clubs into the ground like Ridsdale, its also the chair persons and directors who take too much hidden cost out of the club and stop it from progressing, thease are the ones that i call the hidden killers, where a percentage of our gate money goes to keeping their wallets full! ...and we(the club) stay in the same place year in and year out....question, how long do you give Crawley?
latest news this afternoon is that kevin heaney and ridsdale are likely to walk from the deal, leaving a very irritated brendan guilfoyle to either liquidate or seek other consortia. he has chosen to look for other consortia if heaney finally walks, he has messed, for want of a stronger word, plymputh argyle, the administrators and the fans about for 7 months. let us hope brendan guilfoyle can find a genuine consortium with an interest in football and argyle in particular, BUT, the football league are meeting today and may have more say in the matter
Well like i say, let them hit the wall, then they can get rid of the likes of heaney, guilfoyle and ridsdale and all the other creeps, start over again and make sure thease blood suckers stay well away..it works!!, look at exeter,chester,wrexham and wimbledon and all doing very well and on the up!!
another deadline at argyle today. the first preferred bidders have thankfully pulled out, james brent hotelier and his consortium have met the admin man and the pfa and will be meeting the league. it is james brent's deadline as he wants to be able to tell; the admin, he can raise the cash. in the meantime 5 other business syndicates have expressed interest, 1 includes terry venables. i do hope james brent is succesful, as it is high time argyle can settle and start going up that league. the players have waived their pay for another 11 days. now then who has got £6 million----6, 17,29,33.34,42?
That is going to be one big pay cheque each long-serving player will recieve when it all settles as they have been on a percentage of full pay for 18 odd months now.
latest news is a press release from the leader of plymouth council that she wants the council to buy the stadium to assist the new consortium with their bid. more news to follow
I don't get what is this "pulling out" business is. Surely it's just giving the long suffering fans false hope if you're gonna chicken out at the last?
kevin heaney chairman of truro fc, headed the preferred bidders they were an irish consortium based in gibralter. they paid 330k for exclusivity. this has expired and it is alleged the consortium have pulled out. a new consortium have emerged involving hotelier james brent and the leader of plymouth city council. so far no confirmation of a deal. sadly argyle will go on losing until the finance is settled
They are now in trouble, now that scumbag Risdale has sacked Reid. The best thing for the club is to start all over again like Chester have done & allow the fans to take over the running of the club instead of these cowboys.
Peter Reid has been sacked as manager. Yes results have not home their way but with the turmoil and lack of funds I think this is unfair on him. Especially when you consider he has paid the heating bill there and sold his FA cup medal to help pay staff.
most of the fans are incandescent with rage about reid's sacking. i suspect things are about to kick off big time soon down there
Whilst Reid was undoubtedly a hero many Pilgrims fans say he gets mistaken 'great guy' for 'great manager' which he wasn't. Still, good luck finding half a replacement
