Administrator says Plymouth Argyle deal is almost done

Plymouth Argyle's administrator says the firm bidding to buy the club has the funds and a deal is set to be done.

"Bishop International Limited has secured the necessary funding and everything is agreed between the numerous parties," a statement said.

"Solicitors are now working to finalise the documentation and complete the sale to Bishop International Limited/Plymouth Argyle (125) Limited."

The Football League still have to agree the £6m deal before it can go through.

"This has been a complex deal involving a dozen stakeholders," said joint administrator Brendan Guilfoyle.

TIMELINE OF PLYMOUTH SALE

  • 4 March 2011 - Directors appoint administrators P&A Partnership
  • 14 March - confirmation of "a number of offers" for the club
  • 6 May - creditors agree deal to reduce the club's debt
  • 5 July - deal with Bishop International consortium announced
  • 12 July - squad accept deferral of wages for eighth successive month
  • 13 July - talks begin with Football League about proposed takeover
  • 4 August - administrators urge consortium to submit funds for wages in time for start of season on 6 August
  • 5 August - administrators announce deal will be done "next week"
  • 10 August - administrators take Bishop International to court in failed bid to secure cash for wages
  • 26 August - administrator approves takeover

"I can now look forward to the new club obtaining the share from the Football League and retaining their status as a Football League member club."

Under the deal Gibraltar-based BIL will buy Home Park and the land surrounding it, with acting chairman Peter Ridsdale buying the club for a nominal fee.

"We can now look forward to a future for this football club and its supporters," Ridsdale said after announcing the news to fans outside Home Park.

"There shouldn't be any further barriers to us concluding this deal."

"I think the staff are happy tonight - they've been going through turmoil for months now and we've got light at the end of the tunnel.

"What we've got to do now is get back to normal as soon as possible and focus on the football club."

The deal had been complicated by the involvement of Blue Square Bet South side Truro City's chairman Kevin Heaney in Bishop International because under Football League rules no-one can be involved in the running of two clubs.