The Riddler latest!
Fri May 27, 2011 1:44 pm
With all this talk in the board about Sam, DJ, TG and VT, we almost forgot about the riddler!
Read on:
PETER Ridsdale is in line to become Plymouth Argyle's new owner in a shock move that would give a mystery Irish consortium control of Home Park.
The secretive group of businessmen are closing in on a deal to rescue the debt-ridden Pilgrims from administration.
They are keen to develop on both club and council-owned land surrounding Argyle's Home Park stadium.
The group, believed to be headed by a Dublin-based multi-millionaire, are poised to buy the ground and its surrounding land.
But as part of the proposed deal, which will cost an estimated £6million, they plan to hand control of the football club to Mr Ridsdale.
He held lengthy talks with their representatives on Tuesday – and suggested the ownership structure amid concerns the investors had little experience in the football industry.
Mr Ridsdale and lead administrator Brendan Guilfoyle both confirmed the news in statements last night.
Mr Ridsdale said: "I didn't come here to own a football club, I came here to do a job – to save the football club.
"This is not a transaction that I sought or contemplated but if it is the only route to guarantee a future for Plymouth Argyle Football Club it is a route that I am prepared to take.
"There is still much work to be done to even make this structure work and I will be spending all my time and energy to ensure a successful outcome."
The Herald understands the consortium plans to form three companies.
They will buy the club, then immediately sell it to Peter Ridsdale for a nominal fee, likely to be £1.
The investors are to agree a set figure to spend on clearing debts – including over £3million in outstanding wages – to exit administration and to cover running costs through relegated Argyle's 2011-2012 League Two campaign.
Despite administration, the Greens are expected to operate at a loss again next season thanks to the legacy of relatively high wages and decreasing turnover left behind by the former board of directors.
As part of the deal with Mr Ridsdale, the consortium will have a legally-binding option to buy the club back for a fixed price after 12 months.
The investors would form a separate company to take ownership of Argyle's Home Park stadium on a 25-year lease, with the potential of up to three years being rent-free for the club.
A third company would own the surrounding land and be used to facilitate large-scale development plans.
The consortium is understood to be working with Rose Project Services on its plans for Central Park – the same firm that drew up designs for the club under the doomed stewardship of former executive director Keith Todd.
Argyle had their 'golden share' in the Football League suspended after entering administration in March – and the new owner will need to get it back in order for Argyle to join League Two.
The mystery consortium was chosen by Mr Guilfoyle as 'preferred bidders' for the Pilgrims after offering a better deal to Argyle's out-of-pocket creditors than other parties eyeing the up-for-sale club.
But they insisted on a confidentiality agreement – and both Mr Ridsdale and Mr Guilfoyle insist they remain in the dark as to the identities of the group.
Their plan to immediately transfer the football club to Mr Ridsdale could be seen as a way of attempting to preserve their anonymity. But the Football League are likely to request the investors' identities are revealed.
Mr Guilfoyle, who met with Football League chiefs yesterday, said: "The consortium agreed to lift a confidentiality agreement so that we could go to the Football League with details."
But he added: "The veil of secrecy has been partially lifted but I am still seeking identification of the investors. I've been pushing for transparency because the situation has brought about lots of speculation.
"I have had a six-figure payment from them but I am still chasing the money for the transaction. We are still aiming for mid-June for the sale to be completed."
Mr Guilfoyle said Mr Ridsdale had passed the Football League's 'fit and proper person' test for club directors, but admitted the governing body was "naturally concerned" about his looming fraud hearing.
Mr Ridsdale will face three criminal charges in July relating to a season ticket sales scheme run when he was Cardiff City chairman.
"I didn't expect Peter Ridsdale – I only found out earlier this week – but I can see the logic of it," Mr Guilfoyle added.
"He has embraced this challenge and he's got the energy and the capability for the job. He has been asked by the Irish property developers to take ownership of the club and I believe he is being funded by the Irish property investors.
"Long-term, the club will in some way derive income from the development, which will mean that the club will become sustainable."
Mr Ridsdale is due to meet 1,000-member supporters' group the Argyle Fans' Trust and fundraisers the Green Taverners this afternoon.
Acting Argyle Fans' Trust chairman Chris Webb, who took over from Graham Clark earlier this week, said: "Our initial reaction is one of surprise. We have got concerns around the way things have been done.
"Peter Ridsdale is on the record as saying the supporters are the lifeblood of any football club and also that for too long at Plymouth Argyle everything but football was given priority.
"We are hoping he will stay true to his word, put football first and let Peter Reid build a squad that can be successful."
Speculation is sure to mount as to the possible involvement of Truro City Football Club owner and chairman Kevin Heaney, who was linked with a takeover of Argyle in March.
Mr Heaney denied being involved in a bid for the club, but The Herald has since discovered he has links to a newly-formed company named PAFC 2011 Limited. The company, which Companies House records show was incorporated on March 14, shared an address with Truro City and listed Julia Sincock as its sole director.
Mrs Sincock has worked for Mr Heaney and began a relationship with him in 2006. Her directorship of PAFC 2011 ended on March 18, records show, and the company's address is now named as the same address as former Argyle chairman Paul Stapleton's accountancy firm Parkhurst Hill.
Mr Stapleton said he had no knowledge of the company but added: "Having worked very closely with him trying to save the football club, I think Peter Ridsdale's involvement is good news for Plymouth Argyle."
Mr Heaney was unavailable for comment when contacted by The Herald.
Mr Ridsdale has previously owned Barnsley Football Club between September 2003 and December 2004. He assumed ownership of the footballing side of the business when it was in a similar crisis to that of Argyle's, while Barnsley Council and businessman Patrick Cryne bought its assets, including the club's stadium and surrounding land.
He was first spotted at Home Park in October, when Argyle's then chiefs were hunting investment. Mr Ridsdale then acted as an adviser to the club's former directors as they desperately tried to keep the Pilgrims afloat, leading takeover talks before becoming acting chairman and chief executive when the club went into administration.
The former Leeds United chairman, a controversial figure in football, denied he had planned to own the club – or was looking to make money from the deal.
"The transfer of the share will not happen unless we have someone who understands how to run a football club," he said. "I don't intend on being a long-term owner. This isn't me trying to make any money, they is me trying to save this football club and, probably, selling it back to the investors. It is a risk but it's worth taking to finish the job I came here to do – which was to make sure Plymouth Argyle survived."
Read on:
PETER Ridsdale is in line to become Plymouth Argyle's new owner in a shock move that would give a mystery Irish consortium control of Home Park.
The secretive group of businessmen are closing in on a deal to rescue the debt-ridden Pilgrims from administration.
They are keen to develop on both club and council-owned land surrounding Argyle's Home Park stadium.
The group, believed to be headed by a Dublin-based multi-millionaire, are poised to buy the ground and its surrounding land.
But as part of the proposed deal, which will cost an estimated £6million, they plan to hand control of the football club to Mr Ridsdale.
He held lengthy talks with their representatives on Tuesday – and suggested the ownership structure amid concerns the investors had little experience in the football industry.
Mr Ridsdale and lead administrator Brendan Guilfoyle both confirmed the news in statements last night.
Mr Ridsdale said: "I didn't come here to own a football club, I came here to do a job – to save the football club.
"This is not a transaction that I sought or contemplated but if it is the only route to guarantee a future for Plymouth Argyle Football Club it is a route that I am prepared to take.
"There is still much work to be done to even make this structure work and I will be spending all my time and energy to ensure a successful outcome."
The Herald understands the consortium plans to form three companies.
They will buy the club, then immediately sell it to Peter Ridsdale for a nominal fee, likely to be £1.
The investors are to agree a set figure to spend on clearing debts – including over £3million in outstanding wages – to exit administration and to cover running costs through relegated Argyle's 2011-2012 League Two campaign.
Despite administration, the Greens are expected to operate at a loss again next season thanks to the legacy of relatively high wages and decreasing turnover left behind by the former board of directors.
As part of the deal with Mr Ridsdale, the consortium will have a legally-binding option to buy the club back for a fixed price after 12 months.
The investors would form a separate company to take ownership of Argyle's Home Park stadium on a 25-year lease, with the potential of up to three years being rent-free for the club.
A third company would own the surrounding land and be used to facilitate large-scale development plans.
The consortium is understood to be working with Rose Project Services on its plans for Central Park – the same firm that drew up designs for the club under the doomed stewardship of former executive director Keith Todd.
Argyle had their 'golden share' in the Football League suspended after entering administration in March – and the new owner will need to get it back in order for Argyle to join League Two.
The mystery consortium was chosen by Mr Guilfoyle as 'preferred bidders' for the Pilgrims after offering a better deal to Argyle's out-of-pocket creditors than other parties eyeing the up-for-sale club.
But they insisted on a confidentiality agreement – and both Mr Ridsdale and Mr Guilfoyle insist they remain in the dark as to the identities of the group.
Their plan to immediately transfer the football club to Mr Ridsdale could be seen as a way of attempting to preserve their anonymity. But the Football League are likely to request the investors' identities are revealed.
Mr Guilfoyle, who met with Football League chiefs yesterday, said: "The consortium agreed to lift a confidentiality agreement so that we could go to the Football League with details."
But he added: "The veil of secrecy has been partially lifted but I am still seeking identification of the investors. I've been pushing for transparency because the situation has brought about lots of speculation.
"I have had a six-figure payment from them but I am still chasing the money for the transaction. We are still aiming for mid-June for the sale to be completed."
Mr Guilfoyle said Mr Ridsdale had passed the Football League's 'fit and proper person' test for club directors, but admitted the governing body was "naturally concerned" about his looming fraud hearing.
Mr Ridsdale will face three criminal charges in July relating to a season ticket sales scheme run when he was Cardiff City chairman.
"I didn't expect Peter Ridsdale – I only found out earlier this week – but I can see the logic of it," Mr Guilfoyle added.
"He has embraced this challenge and he's got the energy and the capability for the job. He has been asked by the Irish property developers to take ownership of the club and I believe he is being funded by the Irish property investors.
"Long-term, the club will in some way derive income from the development, which will mean that the club will become sustainable."
Mr Ridsdale is due to meet 1,000-member supporters' group the Argyle Fans' Trust and fundraisers the Green Taverners this afternoon.
Acting Argyle Fans' Trust chairman Chris Webb, who took over from Graham Clark earlier this week, said: "Our initial reaction is one of surprise. We have got concerns around the way things have been done.
"Peter Ridsdale is on the record as saying the supporters are the lifeblood of any football club and also that for too long at Plymouth Argyle everything but football was given priority.
"We are hoping he will stay true to his word, put football first and let Peter Reid build a squad that can be successful."
Speculation is sure to mount as to the possible involvement of Truro City Football Club owner and chairman Kevin Heaney, who was linked with a takeover of Argyle in March.
Mr Heaney denied being involved in a bid for the club, but The Herald has since discovered he has links to a newly-formed company named PAFC 2011 Limited. The company, which Companies House records show was incorporated on March 14, shared an address with Truro City and listed Julia Sincock as its sole director.
Mrs Sincock has worked for Mr Heaney and began a relationship with him in 2006. Her directorship of PAFC 2011 ended on March 18, records show, and the company's address is now named as the same address as former Argyle chairman Paul Stapleton's accountancy firm Parkhurst Hill.
Mr Stapleton said he had no knowledge of the company but added: "Having worked very closely with him trying to save the football club, I think Peter Ridsdale's involvement is good news for Plymouth Argyle."
Mr Heaney was unavailable for comment when contacted by The Herald.
Mr Ridsdale has previously owned Barnsley Football Club between September 2003 and December 2004. He assumed ownership of the footballing side of the business when it was in a similar crisis to that of Argyle's, while Barnsley Council and businessman Patrick Cryne bought its assets, including the club's stadium and surrounding land.
He was first spotted at Home Park in October, when Argyle's then chiefs were hunting investment. Mr Ridsdale then acted as an adviser to the club's former directors as they desperately tried to keep the Pilgrims afloat, leading takeover talks before becoming acting chairman and chief executive when the club went into administration.
The former Leeds United chairman, a controversial figure in football, denied he had planned to own the club – or was looking to make money from the deal.
"The transfer of the share will not happen unless we have someone who understands how to run a football club," he said. "I don't intend on being a long-term owner. This isn't me trying to make any money, they is me trying to save this football club and, probably, selling it back to the investors. It is a risk but it's worth taking to finish the job I came here to do – which was to make sure Plymouth Argyle survived."
Re: The Riddler latest!
Fri May 27, 2011 2:21 pm
This story is a few days old now.
It ws on both CCMB and here I think.
It ws on both CCMB and here I think.
Re: The Riddler latest!
Fri May 27, 2011 2:48 pm
"Mr Ridsdale had passed the Football League's fit and proper person test".
Others who would probably have passed the test:-
Gengis Khan
Hitler
Stalin
Saddam
Osama.
What an earth do you have to have done to fail the Football League's "Fit and proper person" test?
Others who would probably have passed the test:-
Gengis Khan
Hitler
Stalin
Saddam
Osama.
What an earth do you have to have done to fail the Football League's "Fit and proper person" test?
Re: The Riddler latest!
Fri May 27, 2011 3:00 pm
mystery Irish consortium Probably a bunch of fecking leprechauns he dug up from the bottom of his garden
Probably a bunch of fecking leprechauns he dug up from the bottom of his garden