Plymouth takeover

[ferrarilover]

Hi all,

Plymouth have been purchased by some Irish fellas, presumably with the proceeds from the pot o' gold handed down by a leprechaun.

It has been reported on Spotlight that the price was £4,000,000* but, from what I recall, they are £20,000,000 in debt.

I ask those of you who know about such matters; what's the story then?

Matt.

*figures are approximate and as I recall them being reported by the local BBC news.

[Jerry]

Like I said on the Rory Patterson thread Matt, it's still very far from being a "done deal"! I still reckon I might only need to use 22 of the tickets in my season ticket book!

Have a trawl through some of the threads on Pasoti if you want more background details, it would be the ideal environment for Brucie at the moment!

http://www.pasoti.co.uk/talk/viewforum.php?f=30

[Colorado Gull]

According to the Plymouth Herald it's £5m.

Here's the article: http://www.thisisplymouth.co.uk/Plymout ... story.html

[ferrarilover]

Ok Jezza, I see what you're saying, but that wasn't the point of my question.

I want to know how you can possibly buy something which owes £20,000,000 for any less than £20,000,000.

Matt.

[Jerry]

Ok Jezza, I see what you're saying, but that wasn't the point of my question.

I want to know how you can possibly buy something which owes £20,000,000 for any less than £20,000,000.

Matt.

They "did an Exeter". Went into a CVA and paid creditors 0.07p in the pound! Therefore the debts are practically wiped out!

[happytorq]

They "did an Exeter". Went into a CVA and paid creditors 0.07p in the pound! Therefore the debts are practically wiped out!

And yet, presumably, because our debts are fairly small, we probably couldn't do that.

Hardly seems fair, really.

[ferrarilover]

So, clubs are entirely free to do as they wish financially, then just write off their debt?

Matt.

[Regiment]

i'm guessing you can buy the club for whatever is agreed between the buyer and seller. at the end of the day, the buyer is agreeing to take on the debt, not pay it off as part of the purchase. didn't barry hearn by orient for £1 ?? It then becomes the new owners debt, so i assume it puts the whole repayment process back to square one. i could be way off the mark, i'm not financially savvy, but that's how i believed it worked in simple terms.

[yellowforever]

It's fallen through apparently, the consortium have pulled out.

[Southampton Gull]

There's a lot more to this than meets the eye, you'd be shocked if you knew some of the strokes being pulled down there.

[happytorq]

There's a lot more to this than meets the eye, you'd be shocked if you knew some of the strokes being pulled down there.

There isn't really very much that would shock me about anything that Peter Ridsdale does, to be honest.

[Richinns]

Any updates on their plight? Would love to know what is going on but cannot really make head nor tail of it from their fans forum??

[stefano]

Any updates on their plight? Would love to know what is going on but cannot really make head nor tail of it from their fans forum??

Apparently the current situation is that the purchase of the club by the mysterious Bishop International is still going ahead but that they will not release any more funds until it is completed, hence the staff not having been fully paid for 8 successive months. The Gibralter-based company are awaiting approval of their plans by the Football League before releasing the funds to complete the purchase of the club. The identity of the backers (apart from the company name) is still not known as the directors listed for the company are not believed to be the financial backers of this bid. It is strongly rumoured but not confirmed that ex-Argyle director Paul Stapleton is one of the anonymous backers, and quite how administrator Brendan Guilfoyle could select them as being the preferred bidders without knowing their identity is a mystery to me.

It is known that Truro City owner Paul Heaney is involved although he denied it for ages before being caught. He is stating he is only involved in the property development side and not the football club, but it will be interesting to see what the football authorities make of it as the rules prevent anybody being involved with two clubs.

If the purchase goes through Bishop International will own the ground and the football club will be sold to Peter Risdale for £1 with Argyle paying rent to play at Home Park.

The fans are not happy and do not trust what is going on, so there is a meeting in the city today with local entrepreneur James Brent who was one of the original bidders to come up with a contingency plan should the purchase of the club fall through at the last minute. Plymouth City Council are involved in this and have a plan to purchase the ground and rent it back to Argyle.

It's lucky Brucie is not an Argyle fan or he would be suicidal by now!

[Richinns]

Thanks stefano - It would seem life is easy as a Torquay fan!

[ferrarilover]

I want to have Stefano's babies, guy's a genius.

Matt.