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Page last updated at 13:49 GMT, Wednesday, 9 February 2011

Plymouth Argyle survive winding-up threat


Clearing petition the first hurdle - Ridsdale

Plymouth Argyle's short-term survival has been secured after a winding-up petition from HM Revenue & Customs was dismissed in the High Court.

The League One club have paid off the £760,000 tax bill that led to the winding-up petition being presented.

However cash-flow remains a major issue at Home Park, with the players still awaiting their January wages.

The club, who are 18th in League One, are due to pay their next tax bill on 22 February.

Peter Ridsdale, football consultant to Plymouth's board, 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."

Plymouth first appeared in the High Court on 8 December 2010, when they were granted until 9 February to clear their debts with HMRC.

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.

However, further instalments of tax payments, accrued since the presentation of the petition, have kept the club in a perilous financial position, demonstrated by the delay in paying players.

Ridsdale, who has been working as an advisor to Plymouth's board since December last year, has said £2 million is needed to ensure the club survives until the end of the season.

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."

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see also
Plymouth clear initial tax bill
06 Jan 11 |  Plymouth
Argyle survive winding-up attempt
12 Jan 11 |  Plymouth
Ridsdale to keep helping Argyle
08 Feb 11 |  Plymouth
Ridsdale gives ultimatum on cash
01 Feb 11 |  Devon
Loan gives Argyle breathing space
07 Feb 11 |  Devon
Plymouth players not paid again
28 Jan 11 |  Plymouth
Ridsdale joins Argyle as adviser
30 Dec 10 |  Plymouth
Plymouth facing fresh court date
23 Dec 10 |  Plymouth
Argyle get time to clear tax bill
08 Dec 10 |  Plymouth
Plymouth announce Home Park plan
09 Mar 10 |  Plymouth

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