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[(S)ALTY]

Creditors meeting this Friday 05/05/11 and they need 75% of unsecured creditors to accept 0.18 of a pence in the Pound or the club goes into Liquidation.I know it will not save us,but Southport might get the reprieve,then it only needs 1 club from BSP to lose the agm cup??

Can't find any news on this- whats happened?

They have been saved according to the Plymouth Evening Herald website !

"Plymouth Argyle's creditors have agreed to accept less than 1p for every pound they are owed in a move that paves the way for the club coming out of administration.

At least 75 per cent of those owed money by the debt-crippled club had to accept the terms of the Company Voluntary Arrangement at a vote today in order for it to be agreed.

The deal went through, and at the same time Argyle's administratos Brendan Guilfoyle revealed he has signed an exclusivity deal with a potential new owner for the club.

The identity of the person or consortium won't be revealed until June 14, but the deal means they alone are now vying to buy Plymouth Argyle - along with its reduced debt.

Paul Buttivant and James Brent seem to have been ruled out of the deal.

Mr Guilfoyle said the preferred bidder is not anyone with a previous connection to the club, and is someone with a genuine interest in football.

He said the CVA was one element of the recovery of Plymouth Argyle and he was 'confident the club could be saved'.

A meeting to announce today's new owner ended in a round of applause.

Plymouth Argyle entered administration in March owing more than £17million to more than 240 creditors.

They were docked 10 points for the financial collapse and were relegated to League Two last Monday after losing 3-1 to Southampton

[bumble]

that is an utter joke

[(S)ALTY]

So I make that £17m of debt reduced to £30,600 ? If my maths is correct

There must be some wealthy idiots around Plymouth to let them off that amount of cash ?

[hsmith1]

The person who is going to buy the club is someone called Brent,he is from the hotel business,though not connected to the brent group and has no idea at all about football

[(S)ALTY]

The person who is going to buy the club is someone called Brent,he is from the hotel business,though not connected to the brent group and has no idea at all about football

Since when has that been a pre-requisite to owning a football club ?

[distancetraveller]

whether he knows anything about football or not, Its a fkn disgrace, end of

[Mallorca Alty]

I presume he will pass the fit and proper persons test. I think Stephen Vaughan is the only person to fail that test and that takes some doing.

[Silkyman23]

I predict that they will come out of administration after paying something less than the value of a two bed flat on a debt of almost £20m, then suddently find some funds to spend on players and win the League with their fans bigging it up about how MASSIVE they are.

[taxi Phil]

I predict that they will come out of administration after paying something less than the value of a two bed flat on a debt of almost £20m, then suddently find some funds to spend on players and win the League with their fans bigging it up about how MASSIVE they are.

Plymouth Argyle - the new Crawley Town.

[Mallorca Alty]

Also QPR only getting fined £940,000 for fielding an ineligible player. What a joke. We get a 18 point deduction. Everybody else gets a slap on the wrist. QPR are going to miss £940,000 aren't they. Here's hoping they finish bottom of the Premiership meaning they will just get £30 million in prize money.

[hsmith1]

Taken from the BBc website today
Plymouth Argyle squad still awaiting full wages
Page last updated at 14:42 GMT, Wednesday, 8 June 2011 15:42 UK
E-mail this to a friendPrintable version  Plymouth Argyle's players are to go without their full wage packets for a seventh consecutive month.

The club's administrator, Brendan Guilfoyle, has offered players and staff only 50% of June's salary.

The players have not been paid by the club since December, relying instead on loans from the Professional Footballers' Association.

Guilfoyle has told BBC Spotlight he expects the club will be bought out of administration by the start of July.

An unnamed Irish consortium is understood to be in the process of taking over the club, having already paid a six-figure sum to keep the business running.

However, the identity of the consortium cannot be revealed until 14 June owing to a confidentiality agreement.

Plymouth entered administration in March with debts of over £17m, divided between more than 240 unsecured creditors, and were subsequently relegated from League One in May.