In a statement, a club spokesman said: "The trading position of Plymouth Argyle Football Club continues to be challenging, with revenues from gate receipts lower than planned and the cost-base higher as PAFC has not been able to transfer players that are required for the core squad.
"The board believes that these measures will significantly improve PAFC's balance-sheet by reducing its level of debt and will facilitate the partial reduction of its operating costs."
Plymouth Argyle were placed under a transfer embargo by the Football League in December for unpaid debts.
The embargo was removed in January after the debts were settled.
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