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in new window facebook share on x opens in new window x share on reddit opens in new window reddit like loading posted in debts hmrc insolvency ownership tagged debts hmrc insolvency ownership 3 comments argyle directors finally admit defeat posted by john beech on march 4 2011 the desperate rearguard fight by the plymouth argyle board to keep their control on trading has finally ended with the club going into administration 1 and 2 they had already declared their intention to enter administration 3 which attracted a 10 points deduction this season and the virtual certainty of relegation the reason they gave for buying time was to see if they could find a buyer a possibility that never seemed likely to this observer as the period in which they could remain is intending to enter administration drew to a close they were faced with a choice enter administration voluntarily where they would have some say in who was appointed as administrator or wait for hmrc to press for a winding up petition which would have led to a less friendly more creditor oriented administrator with hmrc pressing for a winding up petition not surprisingly they chose the former course this prolonging of the fans agony by building up hope that a knight in shining amour was just waiting to be teased out of hiding by peter ridsdale suggests to me that they had rather taken their eye of the ball started to focus on red herrings and altogether lost the plot apologies for that horrendous mixing of metaphors questions will surely be asked as to why they had not sought court protection earlier if pushed they may even have to defend a charge of trading insolvently this might be difficult to answer given that argyle s staff have not been paid for six weeks and the club s bank account had been frozen a week ago this not being the first occasion that had happened of late 4 perhaps the oddest dimension of this tale of a last minute fight against the odds is that three of the directors are accountants a profession normally known for prudence rather than a lack of realism they at least will be relieved that they had sold some of their shares to japanese investors so won t have had all their personal funds at risk the extent to which the japanese have participated in this week s decision making remains unclear as is their reaction to the news that the money they finally sent proved to be too little money too late 5 as if things weren t litigious enough it was announced yesterday that the charities commission is to investigate a loan made to the club by the plymouth argyle supporters training and development trust a body which exists to promote the training and education of young footballers 6 what brendan guilfoyle who has previously been the administrator at luton town and crystal palace finds as he goes through the argyle books remains to be seen the debt level by received wisdom is some 3m and possibly an injection of up to 10m is needed to restore the club to being a going business at this stage liquidation cannot be ruled out as a possibility while guilfoyle may well see the selling of the club as a distinct challenge he does have one intangible he can promote the geographical location of the club and the potential to regrow the fanbase he is also at least no longer encumbered with unrealistic plans for an enormous stadium see postings passim share this share on facebook opens in new window facebook share on x opens in new window x share on reddit opens in new window reddit like loading posted in debts hmrc insolvency tagged debts hmrc insolvency 3 comments trouble at rossendale united and rothwell town posted by john beech on march 1 2011 those who are fleet of ear will have picked up on sunday s 5 live investigates that rossendale united and rothwell town and to pick up on kevin rye s well placed pass not runcorn linnets have serious cause for concern clubs in crisis as you go further down the pyramid tend to be less well reported these two clubs have come across my laptop screen this last week but i would certainly not claim to have full knowledge of what is happening and would welcome any corrections updates or amplifications first up is rossendale united the club faces expulsion from the league for non fulfillment of matches 1 the immediate problem is that the club s water supply has been turned off 2 which proved to be the last straw for the three fans who in effect had become the management team struggling to keep the club going see also here posting by david hancock the club is suffering from a classic case of bws benefactor withdrawal syndrome the club had been saved from financial ruin in 1999 by local benefactor andrew connolly who ironically is a demolition expert his long term goal was and here the dreaded a word ambition inevitably creeps in to take the club to the conference 3 as he put it at the time if it s good enough for manchester united it s good enough for dale initially things went relatively well with a grant for new floodlights 4 and the appointment of a commercial manager 5 by 2003 connolly and his wife sandra were beginning to feel the pressure though and a new board was appointed 6 managers came and went nothing out of the ordinary there then but in 2006 the chairman declan callan who had been hailed as the man who turned the club around resigned 7 connolly expressed his continuing committment to the club and pointed out i have personally invested 370 000 into the club which has put enormous strain on my main business 8 many a fan would have doubtless seen this as rossendale united s good fortune but i would see it as the setting up of a business model that would clearly be unsustainable if connolly was either unwilling or unable to continue this funding it would also see it as financial doping the deliberate attempt to buy success and upset the competitive balance within the league by the end of that year connolly was becoming understandably exasperated he said he would pay the bills for the very last time 9 this is how he saw the situation i am lost for ideas for the club no local businesses want to get involved but we are now probably in the highest position that we have ever been my company has put 40 000 in since january and i am totally disillusioned there are around 67 000 people in rossendale and we get around 0 05 per cent of them watching the football nobody is bothered i cannot force people to watch or get involved and i will probably be putting the club up for sale few other businesses have supported the club and close friends have asked me what i am doing i am not going to cut the wage bill but i am doing a lot of soul searching and something has to change rapidly by march 2007 the wage bill had been planned for a cut of probably 70 10 and in april there were reports of unpaid wages 11 the following month a supporters group was reported as having taken over the running of the club 12 and connolly had agreed nonetheless to settle the clubs debts sponsorship deals were negotiated 13 and 14 and the following summer the club acquired a major new sponsor 15 in november 2009 connolly announced the club was up for sale 16 he was seeking a new investor to take the club forward connolly announced any investor who wants to come here can invest straight into the club and not worry about any debts because it s all paid off 17 no investor seems to have rushed forward and in february 2010 connolly brought in nolan redshaw to market the sale of the club 18 the resignation of the then volunteer management committee 19 seems to have marked the beginning of the present crisis although this appears to have been much more an outcome of the situation rather than a cause the true extent of the crisis was revealed in a statement at the end of february 20 connolly made a statement which was published on 25 february in the manchester evening news i can t find it on their website but i have it from a newspaper database in which he said after taking stock of the situation at rossendale united it is now clear that the club has been left in a perilous financial situation over two years ago the club was debt free it is now in considerable debt after 12 years of being involved and ploughing a considerable amount of personal monies time and effort in it now seems the club is exactly where it was then this i believe is due to lack of support and generally a total lack of interest from the valley i now feel that without this interest or investment the club will cease to exist latest news from the north west counties football league is that the club will be suspended if they fail to play their next home game due on 5th march 21 their away games at squires gate last saturday and at ramsbottom united this evening had already been cancelled the end it would seem is nigh rossendale united are of course far from being alone as sufferers from bws at weymouth see postings passim benefactor george rolls has just announced that he has quit 22 at rothwell town there is a less clear picture of events there is a report that the club has sold its ground that the money raised is insufficient to cover its debts and that the club has gone into administration 23 i blogged on rothwell last may when imraan ladack of kettering town had flirted unsuccessfully with them over a possible groundshare anyone closer to the club who has more sourceable information is invited to add it in the comments section share this share on facebook opens in new window facebook share on x opens in new window x share on reddit opens in new window reddit like loading posted in benefactors cashflow debts financial doping ownership tagged benefactors cashflow debts financial doping ownership 3 comments lessons from plymouth posted by john beech on january 3 2011 the car crash that plymouth argyle is on the verge of turning into is a strange case yet many a club might well think that there but for the grace of god go they at the beginning of the nineties dan mccauley had become chairman with his predecessor peter bloom becoming vice chairman while the club did not have a particularly stable decade on the pitch three relegations in eight years seven managers the club was run reasonably stably if unsustainably on a traditional benefactor model shortly before mccauley finally stood down in 2001 debts were reported to be 2 7m with 1 8m owed to mccauley s rotolok holdings he was also advocating a new stadium the capacity of which was wound in from 23 000 to 18 000 but with scope to increase capacity as mccauley explained an 18 000 all seater stadium should be sufficient for us in the short term but it s important to have flexibility in the design to cater for success when plymouth argyle move up through the leagues sufficient is an odd choice of word average seasonal attendances throughout the decade had peaked at just over 9 000 in 1994 but had fallen to around the 5 300 mark the sort of figure mccauley was speaking of had not been seen at home park on a regular basis since the fifties 1 reaching the age of 65 in 2001 mccauley found buyers he felt would be good for the club the new board was led by local businessmen paul stapleton and peter jones and included the local mp michael foot and two london based businessmen nick warren and phil gill all pilgrim fans sources for the above paragraphs are newspapers mainly the western daily herald and are unavailable on the internet under the new regime stadium redevelopment proceeded but hit a snag when the council declined to carry on funding it 2 having already spent 2 6m it felt that it was difficult to justify further expenditure argyle vice chairman peter jones rather ungraciously argued people should not forget the council are the freeholder of the stadium given the fact that a revamped stadium will bring in more people more income and more rent they should be prepared to put in a proportion of the 5m we need from a business perspective the early years of the noughties were a success in 2004 they announced a profit for the third year running 3 and by 2005 the seasonal average attendance had reached almost 16 500 following a return to tier 2 for the first time since 1992 the ground was purchased from the council in december for 2 7m 4 how then did things start to go wrong the management of players proved problematic with continuing changes in who was manager the club managed to maintain their status in the championship until last summer that is but the fans started to drift away attendances falling to just over the 10 000 mark on average in february 2008 the club recorded a record annual loss of 715 000 5 not only were revenues down but the club had locked itself into some rather expensive player contracts the wages revenues ratio which in 2001 02 had been at a very healthy 43 1 had by 2007 08 risen to a rather unhealthy 74 4 in april 2008 the club announced a surprise new investor japan s k k shonan management corporation headed by yasuaki kagami who joined the argyle board 6 argyle chairman paul stapleton said we are excited about the future possible revenue streams from the far east in particular and expanding the horizons of plymouth argyle while this agreement has only just been concluded it demonstrates the considerable appeal that plymouth argyle and our region has for companies with a global reach i suspect that few outside plymouth shared this optimism japanese involvement increased when yasuhiko okudera was appointed argyle s president 7 and there was talk of japanese players coming to home park 8 by the summer of 2008 things were beginning to crumble the transfer budget was reported as overspent 9 by march 2009 non playing jobs were at risk 10 by the summer of that year there was talk of not only further investment from japan but also of a takeover 11 phill gill sold his shares to kagami 12 and by july kagami held 38 of the shares and his colleagues sir roy gardner and keith todd joined the board with holdings of 13 the trio thus holding a small majority the appearance of gardner in particular a former chairman of manchester united raised hopes for some stabilisation paul stapleton said of gardner he s going to bring a no nonsense common sense approach and a business attitude to everything we do 13 the challenge was certainly there though they had for example inherited a squad of over 30 players 14 there was to be no magic wand in december that year the club was placed under a transfer embargo 15 for what the club dismissed as historic debts and kagami rode to the rescue with a loan sic of 1 5m 16 kagami was meantime being sued for 84 000 by former director gill 17 2010 opened badly with the first of a series of winding up petitions from hmrc 18 in march there was the announcement that the club was to sell off the family silverware the only recently acquired home park 19 a new world was heralded nevertheless 20 involving a 46 000 2018 world cup stadium rather than repeat my thoughts on this see a posting i made at the time called are we g...
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