Mon, 21 Feb 2011 | ADMINISTRATION
Plymouth Argyle football club is heading for administration after experiencing difficulties with paying tax bills.
A tax bill from Her Majesty’s Revenue and Customs is due shortly, which the club is thought unlikely to be able to pay.
A winding-up petition was avoided earlier on this month over a previous tax bill, when the funds needed were generated through player sales in January and a loan from a supporter’s charity.
In addition, Argyle FC lacks the funds needed to run the club until the end of the season, while the players have been receiving pay through handouts from the Professional Footballer’s Association.
It appears the club has been heavily reliant on loans over the past couple of years. Four of the club’s directors gave thousands of pounds of loans in 2009. New director Sir Roy Gardner has recently loaned the club £400,000 through a third mortgage against the stadium.
It is considered unlikely that the directors will have a chance to see their cash again when the club enters administration.
The Home Park stadium is the club’s only asset, and the administrator will endeavour to sell it on appointment. It is thought investors will be interested in buying the stadium with Argyle FC paying rent to play there.
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