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Page last updated at 17:06 GMT, Thursday, 6 January 2011

Plymouth Argyle clear initial tax bill


We must reduce Argyle's debt - Ridsdale

Plymouth Argyle have paid off the initial tax bill that led to them being presented with a winding-up petition by HM Revenue & Customs in October.

At a High Court hearing in December, the club were given until 9 February to clear their tax bill.

However, since those proceedings began, Argyle have accrued a further £500,000 tax bill which remains outstanding.

The League One club are currently under a transfer embargo because of their unpaid taxes.

Since the opening of the January transfer window, Plymouth have sold winger Craig Noone to Brighton and defender Reda Johnson to Sheffield Wednesday.

Peter Ridsdale, football consultant to the Plymouth board, told BBC Spotlight: "There are a number of issues in regard to the Inland Revenue.

"The first is the petition debt which was just over £500,000 and I'm delighted to say that we paid that off yesterday.

"We do have further debt to the Inland Revenue which is roughly the same amount of money, and I'm hopeful that will be paid before the end of the month."

The outstanding debt is not currently the subject of a winding-up petition, but because it is older than a month the transfer embargo remains in place.

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