Plymouth Argyle administrator in talks to solve crucial debt dispute

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Saturday, March 26, 2011
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This is Devon

PLYMOUTH Argyle's administrators will hold a second round of talks with former chief Keith Todd on Monday, as time runs out to solve a "critical" debt dispute.

The relegation-threatened Pilgrims went into administration earlier this month owing around £13million.

A Cornwall-based property developer is leading the race to buy the relegation-threatened club – but will not part with any cash until a row over the value of Argyle's Home Park stadium is resolved.

Lead administrator Brendan Guilfoyle has called in independent valuers to put an updated price-tag on the ground.

Mr Todd, Argyle's former executive director, and ex-chairman Sir Roy Gardner, are in charge of two mortgages which fall outside his projected valuation.

They sourced much of that cash – nearly £2million – through more than a dozen wealthy business associates who invested in their Mastpoint company.

Mr Todd travelled to the city on Wednesday for a series of meetings with Mr Guilfoyle – but the leading bidder is unprepared to meet Mastpoint's demands, laid out by Mr Todd in a second counter-proposal. The pair will hold further talks in London on Monday.

Mr Guilfoyle said: "It is critical that I get the Mastpoint issue resolved so I can move forward with a purchaser who will fund me."

Administrators and their lawyers were set to work through the weekend to put together a court application should talks with Mr Todd prove fruitless. That would see them use insolvency law to ask a judge to slap an official value on Home Park and unsecure any secured debts exceeding that figure.

Sources close to the talks have named Truro City Football Club chairman Kevin Heaney as the leading bidder. He has steadfastly denied any involvement.

The leading bidder has handed over a £100,000 deposit, currently with solicitors, which The Herald understands was provided by former Goldman Sachs banker Koichiro Abe.

That cash is the first part of a £1million kitty that would buy the bidder 'exclusivity' in the takeover talks – and fund Argyle – for up to four months.

Mr Abe, an associate of Argyle's Japan-based former directors, George Synan and Yasuaki Kagami, is himself a Mastpoint investor.

Mr Todd said he has been "encouraging" him to invest in the Greens. Devon-based entrepreneur James Brent is thought to be the other firm bidder still in talks with Mr Guilfoyle.

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  • Profile image for This is Devon

    by Old Fella, Plymouth

    Sunday, March 27 2011, 9:08PM

    “Brian Plymouth,
    The new owners as property developers will gain nothing by developing the Home Park stadium, the land they want to develop is the old cricket club ground, and the training pitches all of which are leased from Plymouth City council by Stapleton, Todd and the Mastpoint company. Naturally if they can lay their hands on any other parts of Central Park they will be happy to cover that in concrete as well.
    The last thing they will think of is the Argyle and the people of Plymouth. Their profits and bank balance will always come first.
    The old Zoo site has featured on all the previous developers plans fro building and only the most recent proposal by the council has it ever been scheduled for development as a wild life haven. Perversely they will have to destroy the existing natural habitats, dispossessing the wildlife to create their interpretation of a wildlife haven.”

  • Profile image for This is Devon

    by Brian, Plymouth

    Sunday, March 27 2011, 6:51PM

    “When they talk about development, I believe they are talking about around the ground and redevelopment of the old stand. Are the plans of the previous administration still viable, I'd doubt it unless members of the previous board are involved with the bidder and we don't know who he is. The agreement was that no one would know his identity, so if the herald are saying they know who it is, I would say they've probably got it wrong.
    As far as the old zoo side goes,nobody official has even mentioned it and frankly the only occupants there come in dirty raincoats and hang out in bushes. Don't know of many protected species in that area, but I'm not an expert, so....”

  • Profile image for This is Devon

    by Old Fella, Plymouth

    Sunday, March 27 2011, 6:19PM

    “Johnny St Budo - If you had the attention span of anything more than a goldfish you may have remembered that I have always supported the continued existence of Argyle. Far from being a nimby I happen to think that the park is far too great a resource that is used by many more thousands than attend the football matches and should be preserved for all. To insist that it is right to sacrifice parkland that can never be reclaimed so that a few businessmen can make more millions at the expense of the people of Plymouth simply so that the club that they have no real interest in can be continued is the real demonstration of selfishness.
    Your knowledge of the condition of the park is as biased and ill informed as your insistence that the football club must be owned by property developers. If you knew the park as well as those of use that walk there every day; for whatever purpose, you would know that given the amount of dog walkers using the place it is surprisingly clean. More damage and fouling is left there by people who drop litter and break beer bottles etc. Of course there is dog excrescence left by some dog walkers who have no more thought of the future and preservation of the park than you do, but they thankfully are a minuscule minority. Finally your comments regarding what wildlife is there or not is perhaps the most callous and selfish of all your comments. Many studies which are in the public domain and are there for all to see if they had the intelligence to seek out the truth demonstrate the park has one of the most impressive ranges of wildlife of any city centre park and indeed some of it is unique to Central Park.
    Argyle can and should survive but not at the cost of loosing one of this cities most valuable assets. Argyle will survive longer and prosper more if it is owned and run by people that invest in it for its own sake rather than as an enforced spin off of some land development project.”

  • Profile image for This is Devon

    by john, plymouth

    Sunday, March 27 2011, 3:36PM

    “JOHNNY ST BUDO you do spout a load of rubbish , from what I here you are the budo incinerator .
    All you need is the chimiley coming out the top of your head , give up the smoking and get a job.
    Then do your homework”

  • Profile image for This is Devon

    by Johnny, St Budo

    Saturday, March 26 2011, 10:22PM

    “Ah Winston Smith, I remember him well in the book 1984. Didn't he submit in the end and betray the woman he said he loved? Or did he betray himself and give in? Either way he should simply admit he is a failure and his opinions are irrelevant.
    Ah, the true face of Winston Smith!”

  • Profile image for This is Devon

    by Johnny, St Budo

    Saturday, March 26 2011, 10:16PM

    “Odd Fella, Plymouth: Give up pal, you have been found out. You are a member of the Central Park dog walkers club whose aim is the total destruction of Plymouth Argyle for your own selfish aim...providing a dogs toilet for the local residents of Central Park!
    The future of Plymouth Argyle is reliant on future development, development that would include the old Plymouth Zoo site that would not need planning permission as this land has previously been used for commercial operations.
    You'll no doubt spout that old chestnut that the land currently has numerous species of rare wildlife. Old news pal and not insurmountable as true environmental groups will correctly inform you.
    No you are a selfish nimby, who is holding back OUR club from progressing through the leagues and you will be held responsible for the future success of our club and the success of the City.”

  • Profile image for This is Devon

    by Winston Smith, Barne Barton

    Saturday, March 26 2011, 10:12PM

    “Ah, the true face of business

    Why does it take so long for Plymouth people to realise just how much they are being manipulated each and every day by big business.

    If it isn't Argyle, then its the darned German incinerator or some massive high-rise half baked idea 'guaranteed' to bring more jobs and wealth to who?

    The very few, that's who.

    Ah, the true face of business

    Roll on polling day”

  • Profile image for This is Devon

    by Old Fella, Plymouth

    Saturday, March 26 2011, 9:36PM

    “Nothing to do with football all to do with the commercial development of Central Park.
    Why can nobody see that this was the only reason that the Japanese invested in Mastpoint in the first place and why they continue to screw up the other property developers that want to pick up a load of very cheap development land at the people of Plymouths expense!.
    Todd and Gardner with their Japanese backers will be delighted to pick up the pieces from the liquidator when the club goes into receivership. Remember they and Stapleton have always held the best hand as they effectively own not only the stadium but also all the land that any developer needs to get the deeds to before they invest in Argyle.
    NOTHING TO DO WITH FOOTBALL ¿ EVERYTHING TO DO WITH DEVELOPERS MAKING A QUICK BUCK AT OUR EXPENSE.”

  • Profile image for This is Devon

    by Little Lord Fontleroy, The manor house

    Saturday, March 26 2011, 7:31PM

    “Doctor X, you are the joke my friend. PAFC didnt have a game today because of international duties.”

  • Profile image for This is Devon

    by Ben, launceston

    Saturday, March 26 2011, 7:03PM

    “They could well have lost 10-0 today if they were playing.

    Jock. Rumour is that Heaney is the front of the group with numerous other investors thought to include Koichiro Abe. However both have denied any involvement and from what is known of them both they can stay well clear from HP.

    KIG!”

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