A DEAL to buy debt-ravaged Plymouth Argyle out of administration has been hit by a further delay.

But the figures at the centre of the talks have denied cash problems are holding up the £5million takeover.

Lead administrator Brendan Guilfoyle is now hoping to sign a sale and purchase agreement with Bishop International Limited today.

The offshore firm, a joint venture between Cornwall-based property tycoon Kevin Heaney and mystery Dublin-based developers, was expected to complete the deal last Friday.

However, they are yet to sign on the dotted line, with Mr Heaney's lawyers still to return the relevant paperwork.

But Mr Guilfoyle said: "I have been given no reason to believe it's not going to happen.

"I had a conversation with [Mr Heaney] last night and he's assured me lawyers have been delaying things."

Gibraltar-based Bishop International was chosen as the preferred bidder for Argyle in May after an initial swoop by Mr Heaney collapsed.

He already owns rising non-league outfit Truro City and Football League regulations prevent people having influence over two clubs.

That deal was understood to have involved sourcing cash from Japanese banker Koichiro Abe, an associate of former Argyle directors and a previous investor in the club.

He has been unavailable for comment but Mr Heaney has assured Mr Guilfoyle and acting Argyle chairman Peter Ridsdale that Mr Abe is no longer involved.

The current proposals would see Mr Heaney's consortium seize control of Home Park stadium and all of Argyle's other land assets.

They would bankroll the club's upcoming League Two campaign, become the Pilgrims' landlords and try to secure money-spinning developments, including a multiplex cinema and new south stand, in Central Park.

The club itself would be separated and bought by Mr Ridsdale for £1.

He has already launched a new company, Plymouth Argyle Football Club (125) Limited, to make the purchase. Mr Ridsdale is the sole shareholder in the company, which also lists acting finance director David Jones as a director.

Mr Ridsdale said he was also unaware of any last-minute funding problems from the consortium.

"We did our part of Friday and then it went back to the consortium's lawyers," he said. "There are no problems that I've been told about, we're just waiting to hear from the lawyers now.

"Nobody has told me anything other than 'It's all on track'."

The Football League must be satisfied by each party's role in the deal – and that the club is being put on a stable footing – before giving it the green light.

Devon entrepreneur James Brent and London-based businessman Paul Buttivant, who also tabled offers for the club, are still waiting in the wings in case the current deal collapses.

But the club's debts – largely to staff and players – are continuing to rise, with fewer than five weeks remaining until the League Two campaign kick off.