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Negotiations ongoing after disagreement at Plymouth

Plymouth Argyle

Plymouth Argyle's administrator says a disagreement over the amount of money received by one of the club's creditors has delayed a takeover deal.

A preferred bidder to take over the League One club has been identified by administrator Brendan Guilfoyle.

But the deal offered was not accepted by Mastpoint, a company which has £2m invested in the club's stadium.

However Mastpoint has now agreed to re-enter negotiations over the amount of money they will receive.

Mastpoint, which has provided funds to the club since March 2009, is a group of investors led by former Argyle directors Keith Todd and Sir Roy Gardner.

Guilfoyle said: "The prospective purchaser asked Mastpoint to remove their security from the stadium, a move which was deemed unacceptable.

"The two positions were so far apart I couldn't see how they could be reconciled.

"However, there is now every indication that Mastpoint are going to re-negotiate with a prospective purchaser."

Mastpoint is currently the third secured creditor on Plymouth Argyle's Home Park stadium, coming behind mortgage company Lombard and the Plymouth and the Plymouth Argyle Supporters Training and Development Trust, which also has a mortgage on the stadium.

Guilfoyle said that a valuation of Home Park had revealed that "the stadium is worth no more than is owed to Lombard and the Supporters Trust - Mastpoint is not included in the valuation".

Guilfoyle and his colleagues at the P&A Partnership are not being paid at present, and they have said will only seek remuneration if a buyer for Plymouth Argyle is found.



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see also
Plymouth 0-1 Rochdale
19 Mar 11 |  League One
Plymouth give staff pay ultimatum
17 Mar 11 |  Plymouth
Plymouth receive takeover offers
14 Mar 11 |  Plymouth
Reid pays tribute to former staff
09 Mar 11 |  Plymouth
Charity loan to Plymouth probed
09 Mar 11 |  Plymouth
Argyle lays off 16 and shuts shop
08 Mar 11 |  Devon
Plymouth go into administration
04 Mar 11 |  Plymouth
Plymouth receive 10-point penalty
21 Feb 11 |  Plymouth


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