Administrators sell Plymouth Argyle FC

THE ADMINISTRATORS of Plymouth Argyle FC have finally been sold the club following weeks of negotiation.

Brendan Guilfoyle, Christopher White and John Russell, from The P&A Partnership were appointed joint-administrators on 4 May.

The trio managed to agree a deal with asset management business Akkeron today which would see the stadium sold to the local council for £1.6m and leased back for annual repayments of about £130,000.

Guilfoyle, partner at The P&A Partnership, said: "I am delighted that this morning we have agreed a deal that will see Plymouth Argyle Football Club coming out of administration. We have been assured that Akkeron will complete the purchase today."

Earlier this month Guilfoyle announced the administrators and the lawyers would waive 50% of their fees to ensure the sale of the club.

However, no information has been released on the percentage of fees that were finally agreed in the sale.

"Like many other parties both ourselves and Walker Morris have waived a significant amount in fees to ensure the survival of the club," said Guilfoyle.

The club will now exit administration via a Company Voluntary Arrangement, (CVA) which contracts repayments to creditors over an agreed period of time.

Players and employee wages, which have reached £3.5m, are to be paid in full over five years.