Date: 26th September 2014 at 8:23pm
Written by:

Plymouth Argyle and the Plymouth City Council have agreed on a £800,000 loan to help the club pay its historic debt.

The club have a so-called balloon payment of £1.6 million to be paid to its football creditors in October 2016, the agreement was part of the deal in allowing the club to exit administration in 2011.

The loan from the local council will give the club the option of paying the football creditors 50% of what they are owed now rather than wait for the full payment in two years times.

This can only be good news for the club and Argyle fans. The albatross around our neck of the balloon payment will disappear and we enter into a favourable loan with a sympathetic local council who have given us a loan with a very low interest rate.

The HHP land, owned by James Brent, Richard Holliday and Anthony Vaughan, is used as collateral so there no risk to the football club.

For this news to be announced the former players and management must have agreed to a 50% lump sum to be paid now, this is the downside of the agreement because the players who suffered and served the club so well during 2011 get half of what they are owed, although some may have just wanted to get it over with. Thank you to them once again if they have already agreed to the new payment option.

Whatever you think of James Brent, the HHP development and grandstand today’s news is very good for Argyle fans and proof once again that whatever happens the PCC will always be there to support the local football club.

Full details of the club statement can be read on the club website