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Plymouth Argyle have no money left, says Peter Ridsdale

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Argyle heading for administration - Ridsdale

Plymouth Argyle's football consultant Peter Ridsdale has said the club have no money left to pay their staff.

The League One crisis club issued a 'notice of intention' to appoint an administrator on Monday.

Ridsdale told BBC Spotlight: "We've had a staff meeting today and have regrettably informed them that they won't be paid as we've run out of cash.

"Finding some cash is what we need to pay the staff and the players and at the moment we haven't got any."

Late payment of wages has been affecting staff at Home Park for some time with the players still awaiting their pay packets for January, meaning they are now two months in arrears.

The club's debts are reported to be in the region of £10m, and Ridsdale has spent the week meeting potential investors in an attempt to find a solution to the crisis.

He continued: "There is a strong possibility that prior to a final conclusion we may well have to go into administration.

"The most important thing is to have the right financial structure for the club in the future and it may well be that the only way of achieving that is a brief period of administration."

The former Leeds and Cardiff City chairman added that despite the perilous position Argyle are currently in, he is confident a solution will be found.

"I wouldn't be here if I wasn't confident," said Ridsdale.

"I want to make sure that when people talk about me in the future they talk about somebody who saved the football club and put the right financial structure in.

"If we are successful in doing that I'll be very pleased."



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see also
Stapleton faces Argyle departure
25 Feb 11 |  Plymouth
McCauley considers aiding Argyle
22 Feb 11 |  Plymouth
Brighton 4-0 Plymouth
22 Feb 11 |  League One
Plymouth receive 10-point penalty
21 Feb 11 |  Plymouth
PFA supporting Plymouth's players
15 Feb 11 |  Plymouth
Consortium takes over at Plymouth
02 Jul 09 |  Plymouth
Foot joins Plymouth board
10 Aug 01 |  Eng Div 3


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