Administration 15 years ago today

[PL2 3DQ]

15 years ago today 4 March 2011 we went into administration.
On the quiet HMRC applied for a winding-up petition for PAFC in the High Court in London which was thankfully turned down and instead we entered into administration in what was a harrowing time for the fans, players and more importantly the staff.

BBC Sport - Football - Plymouth Argyle go into administration

news.bbc.co.uk

Plymouth go into administration to avoid high court winding up move

Plymouth Argyle have been described as 'woefully insolvent' by an accountant appointed as the club's administrator

www.theguardian.com

 

[IJN]

 

[GreenEden]

And to think we nearly went to the wall over a measley 13m when you look at today's debts for other clubs it also shows how well the club has done since with revenues of 20m plus I know inflation is there but still

 

[Deacster]

What an errie feeling it was. We had seen it happening to other clubs but I didn't think we would see it happen to us.

 

[X Isle]

Never, ever, forget.

 

[Clare Spencer]

Came so close to being a Bury over a debt of £13 million
Fast forward 15 years & when you look at how football has evolved & the unsustainable debts clubs carry in the pursuit of getting to the promised land it is both eye watering & scary
We have come a long way in these 15 years but football will never be played on a level playing field - for our club it is about maximising our revenue streams & being the best we can be

 

[Lousy Pint]

Awful, awful days.
I'd not long moved to Italy and the whole situation made me feel even more distant.
Luckily, the good guys and gals outshone the bad ones and we pulled through
Wouldn't like to go through that again.

 

[Green7001]

And to think we nearly went to the wall over a measley 13m when you look at today's debts for other clubs it also shows how well the club has done since with revenues of 20m plus I know inflation is there but still

Compared to the madness in football now in general, and the PL in particular, yes it is a measly sum. But wasn't for us then and wouldn't be now either. Even today we would struggle to find an additional 13M just like that.

Like many others I am frustrated by the fact that we currently have little chance of establishing ourselves in the Championship. But then I remember this event and am thankful for a prudent owner, with whom we can be pretty sure of still having a club to support in 10, 20, ... years time. Not sure how many other L1 supporters can have the same confidence.

 

[pastiesforlife]

Just as well somebody noticed the HMRC winding up order as those in power at Argyle seemed to be incompetent or more interested in their own financial status.

We know who did most to save the club.

 

[Andy S]

Just as well somebody noticed the HMRC winding up order as those in power at Argyle seemed to be incompetent or more interested in their own financial status.

We know who did most to save the club.

I do believe it was Postie.

 

[oldage]

Came so close to being a Bury over a debt of £13 million
Fast forward 15 years & when you look at how football has evolved & the unsustainable debts clubs carry in the pursuit of getting to the promised land it is both eye watering & scary
We have come a long way in these 15 years but football will never be played on a level playing field - for our club it is about maximising our revenue streams & being the best we can be

 

[Sherford Green]

Unless we get bought out by a mega rich oil baron or something it’s absolutely vital that we continue to learn the lessons from that period. If we get back to the Championship in the near future, one thing that gives me hope is Preston’s ability to consistently stay up comfortably on a similar wage budget to ourselves. It goes to show what can be done with sensible decision making (i.e. not appointing Ian Foster or Wayne Rooney). Quite how Preston’s revenue figures are so low is beyond me - perhaps they need to get rid of Ridsdale and appoint a CEO with a bit more business nous (the tables below are the 11 Championship clubs from last season who have published their accounts so far).

 

[Ave IT]

I remember at that time listening to fans of other clubs on radio phone-ins and the like, in bewilderment and shaking my head with a mixture of contempt and envy. How could they possibly be getting so f****g upset about their team’s latest bad result, about their manager’s incompetence, about their kak left-back and belly-aching ‘woe-is-me’ just because there was a chance they may miss out on promotion or fall into a relegation spot?? FFS!! ….. It all seemed so utterly, utterly trivial compared to the very real prospect of a club like Plymouth Argyle actually folding.

When results are going badly for us now, as it was just a few months ago, it really is worth remembering those times especially when some drama-queens start using phrases like ‘death spiral’.

 

[doozer]

This is why the hallett out and where’s the money gone chants earlier in the season angered me so much …however bad things are on the pitch we can rest assured this situation would never happen under halletts watch …off the pitch we’ve come a long way since those dark dark days

 

[flowchart]

It does remind me of the investment discussion which has now gone quiet. We've employed the aid of a company with the remit of finding investors so presumably work continues in the background?