Plymouth Secure Short-Term Survival in Winding-up Petition
February 10, 2011
English League One soccer outfit Plymouth Argyle have secured their survival, for the short-term at least, after a winding-up petition from HM Revenue & Customs was dismissed in the High Court.
Cash flow is still a major issue at the club, who still owe their playing staff wages for the month of January, with their next tax bill due on 22 February.
Peter Ridsdale was appointed as a consultant to Plymouth’s board last month and told BBC Spotlight: “It was good news in the sense that we’ve paid the petition debt and are up to date with the revenue, but that’s just the first hurdle we’ve got over.
“Today isn’t a day of celebration, today is just a sober reminder of the fact that we’ve still got a lot of people to pay money to.”
The sale of four players during the January transfer window, including top scorer Bradley Wright-Phillips, enabled the tax debt relating to the winding-up petition to be paid off.
Peter Ridsdale, who has been working as an advisor to Plymouth’s board since December last year, claimed that a further £2m (US$3.2m) is needed to ensure the club survives until the end of the season.
Ridsdale, the former Leeds and Cardiff City chairman added: “This is an attractive football club and if we can get it right by paying off the creditors and putting enough cash in to see it through to the end of the season, there’s a massive upside opportunity.”