Argyle deal could be finalised this week
A DEAL to sell off Plymouth Argyle’s ground and stadium and save the stricken club from folding could go through by the end of this week, acting chairman Peter Ridsdale, pictured above, said yesterday.
Bishop International Limited, an offshore company, is the preferred bidder for the ground at Home Park in a reported £5 million deal.
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Peter Ridsdale
Mr Ridsdale, who would take control of the football club, said: “Our objective is to have it go through by the end of this week.”
The consortium bidding to buy the ground is being represented by Truro City Football Club owner Kevin Heaney. An attempt by Mr Heaney to buy Argyle in March collapsed when the Football League told him he was not allowed to own two clubs.
Brendan Guilfoyle, the lead administrator, said fears that the Football League could veto the latest sale plan were groundless. The latest deal would see the consortium of property developers buy the stadium and land at Home Park. But the football club itself would be owned outright by Mr Ridsdale.
And Mr Ridsdale added: “Mr Heaney would only be the landlord of the property and would have nothing to do with Plymouth Argyle Football Club. As long as the club is independently owned and financed, there is no reason why the Football League should complain.”
Mr Guilfoyle said: “We are looking to conclude a sale and purchase agreement this week or next.”
He was speaking after a packed meeting with Pilgrims’ fans on Monday night. “It was a good meeting,” he said. “There is a lot of passion and feeling for the club in this city, which demonstrates what a good purchase it could be.
“The support and desire of everyone in the city is a big positive.”
He said that separate ownership of football club and ground was not unusual.
“Without the stadium development I haven’t found anybody who is willing to buy a loss-making business. Losses next year are predicted to be £1million to £2million, depending on which players choose to remain with Argyle.”
And he praised the fans for “outing” Mr Heaney, who finally admitted his involvement when confronted at a secret breakfast meeting in Plymouth earlier this month.
“This released me from a confidentiality agreement,” Mr Guilfoyle said.
Mr Ridsdale said the meeting with Argyle fans was “very constructive. The questions they asked were the right questions and I think at the end people went away thinking this is the only game in town.”
The debt-crippled Pilgrims still face a race against time to be ready to kick off the League Two season in August.
The consortium wants to build a new south stand at Home Park and a multiplex cinema and student accommodation nearby.
Meanwhile Alison Seabeck, the MP for Plymouth Moor View, has written to the consortium asking for reassurances that Argyle staff will get the pay they are owed. Staff have been working without pay for six months..
“They have done immeasurable work, not only doing their jobs without being paid but also continuing to believe in the club’s future and keeping up collective spirits,” she writes.
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by JackWestport
Saturday, July 02 2011, 4:36PM
“Very interesting comments here:
http://tinyurl.com/5tg2wch
Is Marina Pavlova the woman Heaney married in Achill, in Ireland? Or was that someone else? Or did that not happen?”
by KernowGreen
Wednesday, June 29 2011, 5:33PM
“Ridsdale says the club is 'independently financed' but my understanding was that some of that finance for the first year is coming from the new consortium. If Heaney is part of that consortium providing that finance how is that independent?”
by jimjamjonny
Wednesday, June 29 2011, 5:20PM
“Don't worry, they will sell pasties at home park.”
by SamBishop
Wednesday, June 29 2011, 5:15PM
“I love these people who write essays on here hoping we will actually read the junk they put in it. No names mentioned tinnedfingers.”
by shaun_us
Wednesday, June 29 2011, 4:36PM
“look everyone seems to be aving a go ???? yes all we hear broken promisses yes last board board before that and so on. so we,re used to it as long as we av a club then fine we.ll soon be back . we,re never going to get money men down here?. look at QPR, thay have mega money men behind them and didnt spend loads and loads, and look at where thay are now!. and our fantastic manager whos stuck with us can finally put his own stamp and his own team together wheather it be young lads or mature men?.. so let them all get on with there jobs paid or not paid for the min and we do ours and SUPPORT OUR MANAGER AND HIS TEAM AS THEY DID AND STOOD BY OUR CLUB!!!!!!!! .”
by tinnedfingers
Wednesday, June 29 2011, 4:14PM
“No, its not unusual for the club and the ground to be owned separately. But the question remains - without the benefit of development profits (which is why PCC sold the ground to the football club in the first place) how exactly does the football club fund its future activities ? I wasn't at Monday's meeting but did anyone ask where the money is coming from to buy new players ? Or to pay them with Fourth Division gates, even on fourth division salaries ? And what rent will Argyle be paying for the existing and new stands ? And who pays for a new pitch when it's needed ? And what return does Mr Ridsdale get from his purchase of the club ? Who are the other Directors going to be and what will they be paid ? If there's nothing to hide why is no one being upfront and showing us how the figures stack up for the club ? I'd love to see the Business Plan for post deal PAFC - I hope that the Football League insist on having it and go through it with a fine tooth comb. I really hope the deal works out - Plymouth deserves a good soccer team. But the deal has to provide long term certainty for Argyle. The Football League have a responsibility on our behalf to robustly assess the proposals - not just rubber stamp a solution that is still too shadowy.”
by greengirl84
Wednesday, June 29 2011, 3:08PM
“Surely the people in charge of Plymouth Argyle FOOTBALL CLUB need to have some kind of money behind them? If the consortium are buying the land and Ridsdale buying the club, how can it be that the League will okay this?? surely the people ruinning the CLUB need to have some money to put into the running of it as a business to prevent everything going wrong again? If the land is separate and Argyle is only going to run on it's income how can it look that we can be financed when we are making a loss? I don't understand, am I missing the point?”
by alabar1
Wednesday, June 29 2011, 2:52PM
“Lets hope it works out ok ,I have my doubts but its now out of the fans hands .Next week is when we finaly have new ownership or could it be that we face a year in administration ? and be in an even worse position after the new year.
lets hope not.”
by jeffro11
Wednesday, June 29 2011, 9:54AM
“The people of Plymouth are more easily duped by con men than I ever thought possible...This is just what con men do..they have the gift of the gab and they sound very convincing and believable...just like Guilfoyle Ridsdale Pengelly and Heaney..all seem to be in bed together!!!
It will all end in tears...for Argyle Plymouth and the supporters...not of course for Ridsdale Guilfoyle and Heaney or Pengelly who will all trouser loads!!!
Notice that the Herald...newspaper of the people....NOT... printed nothing at all about the meeting at the Guildhall”
by barney1949
Wednesday, June 29 2011, 9:38AM
“still no mention of what happens if risdales court case goes against him as to where argyle stand then r we back to looking 4 a new owner cause by then pb will have signed and sealed the purchase and they want nothjng to do with football side deal”