BusinessBusiness RecoveryPlymouth administrators defer pay

Plymouth administrators defer pay

The administrative team for collapsed football club Plymouth FC are deferring their pay until it achieves a "successful outcome"

ADMINISTRATORS ARE currently working for free at Plymouth FC, according to an announcement at a press conference yesterday.

Brendan Guilfoyle, who was appointed this month, said the administrative team was working on a contingency basis with expenses recouped only if it achieves a “successful outcome”.

Guilfoyle said he had already identified potential purchasers for the League One club, and would seek funding from them to pay players, suppliers, and any emergency payments necessary.

“Just for clarity, we [the administrators] are not being paid any money so my team, including lawyers, are all working on what we call a contingency basis – i.e. we get paid contingent on a successful outcome,” he said.

“As administrators, our objective is to rescue the football club so, as I have previously alluded, we have a variety of techniques which we use to fund football clubs going forward: you have seen one of them which is wage deferrals. Unusually for me, I think this is the first time I have been involved in a total deferral.”

Guilfoyle said he is currently in discussions with creditors and hopes negotiations will be successful and no court action will be needed – which has been seen in previous cases when discussions have broken down.

He has worked on various football administrations including Luton Town, Crystal Palace and Leeds United

Christopher White, John Russell and Brendan Guilfoyle, partners at P&A Partnership, were appointed administrators on 4 March.

A full transcript of the conference can be found on Plymouth Argyle’s official website.

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