Plymouth Argyle On Verge Of Buyout
Having entered administration and thus incurring a massive points deduction in League One, Plymouth Argyle are on the verge of being saved from liquidation. The club’s administrators have asked everyone with an ownership stake in the club to support a purchase by hotel chain the Akkeron Group after Kevin Heaney, chairman of Southern Premier League side Truro City, pulled out of the bidding for the team. Unless a new owner is found by the end of the season there’s a very real chance that the club, which has a proud 125 year history, could be dissolved.
The Akkeron Group is believed to be interested in redeveloping land around Plymouth’s Home Park, and would buy the stadium and lease it back to the club, who are so short on funds that players and staff haven’t been paid since February. Administrator Brendan Guilfoyle was quoted by the BBC as urging shareholders to engage with the Akkeron Group:
Read Article >Plymouth Argyle Face Points Deduction As Administration Looms
*i.e. be put into liquidation.
In order to avoid that ignominy, the club looks like it may be forced to go into administration fairly shortly with an eye to sell their ground, Home Park, which should provide enough funds for the team to operate for the rest of the season while the club looks for new ownership. Plymouth have already begun the search for an administrator, although the club is not yet in administration, according to their management. A statement on their website today reads:
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