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No administration plans, say Plymouth Argyle

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Argyle will deal with relegation - Todd

Plymouth Argyle's executive director Keith Todd says there are no plans to take the club into administration.

The relegated Championship club are set to lose £3m as a result of dropping into League One.

Todd told BBC Spotlight: "Any business theoretically could [go into administration], but there's no plans to do such a thing at all.

"We need to take this business forward, we know what actions need to be taken and those steps are being taken."

He added: "Throughout last season the shareholder group provided access to further funding and that situation will need to happen over a period of time."

Plymouth's financial troubles have been reflected in a wide range of areas in recent months.

Unpaid debts to Her Majesty's Revenue and Customs (HMRC), saw the Football League place Argyle under a transfer embargo at the end of 2009.

Meanwhile, a £2.8m loss for the financial year 2008-09 was countered by plans for Argyle to sell their Home Park ground to a holding company.

Rest assured my commitment to this club is undaunted

Keith Todd

The club attributed the loss to an unsustainable wage bill, coupled with a drop in attendances.

"The numbers are very public," said Todd. "Based on the last year's income there's a £3m drop in revenues.

"With any business that loses income you have to take a series of actions and some of that is cost-cutting to meet the new dynamic."

With less income set to come in at Home Park next season, Todd said plans are afoot for further investment from the board.

"The club's got the investment that it needs and there's further planned investment to occur.

"We're confident that all of the investors will be able to follow through with their commitments

Todd was part of a Japanese-led consortium which secured a majority interest in Plymouth in July 2009.

The deal saw Todd and former Manchester United plc chairman Sir Roy Gardner secure a 13% share, with Japanese businessman Yasuaki Kagami taking 38%.

And after a difficult first year in charge, Todd was keen to quell any speculation that the new board have found it tough to work together.

"The board talks regularly," he said. "It probably looks from the outside that it's been assembled from three parts, but any board has got healthy views.

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"It's dangerous if there's no challenge and there's no alternative views, but it's a very constructive board, very co-operative, and we get on well with each other."

With football directors increasingly coming under scrutiny from both the press and fans, Todd admitted life in the boardroom has been challenging, and has not always quite gone to plan.

"At the centre of this I underestimated the challenge of running a football club," he said.

"But rest assured my commitment to this club is undaunted.

"We're doing this because we believe in the investment in this club. It's a long hard road. I like a challenge, I think it's a stunning opportunity for the football club and we will make a success of it."



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see also
League clubs accept payment plan
10 May 10 |  Football
Pilgrims arrive in unpromised land
21 Apr 10 |  Plymouth
Argyle defiant despite relegation
20 Apr 10 |  Plymouth
Mariner wants to stay at Plymouth
20 Apr 10 |  Plymouth
In pictures: Plymouth relegated
20 Apr 10 |  People and Places
Plymouth announce Home Park plan
09 Mar 10 |  Plymouth
Transfer embargo lifted at Argyle
07 Jan 10 |  Plymouth
Plymouth set to prosper from bid
17 Dec 09 |  Plymouth
Sturrock's fall from grace at Argyle
11 Dec 09 |  Plymouth
Mariner set for Plymouth return
18 Oct 09 |  Plymouth
Consortium takes over at Plymouth
02 Jul 09 |  Plymouth
Mariner in for Sturrock at Argyle
10 Dec 09 |  Plymouth


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