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Plymouth go into administration
2011-03-05 08:06:48
Plymouth Argyle have gone into administration following a meeting of the club's directors.
The League One outfit has appointed Brendan Guilfoyle of the P&A Partnership as its administrator.
An application by Her Majesty's Revenue & Customs to present the club with a winding-up petition was turned down at a High Court hearing on Friday.
P&A say they are looking to find a buyer for the club, which has already been deducted 10 points, by 17 March.
"A number of interested parties have declared an interest in acquiring the club," a statement from the administrator said.
"It is imperative that a preferred bidder is identified who can provide ongoing funding by 17 March 2011 at the latest.
"The administrators are due to meet with Plymouth City Council on Monday, 7 March 2011 with a view to obtaining their assistance in securing the survival of the club."
HMRC applied for a winding-up petition as without it they feared they could lose out on money owed to them by the club because of the administration process.