Reviewed: 29th March 2016
Historic rugby club Plymouth Albion is on the verge of entering administration amid a financial crisis at the organisation.
The club’s directors have appealed for financial backing to help it overcome cash flow problems and avoid administration.
But an entry into administration now looks likely with an intention to appoint administrators to manage the club’s affairs having recently been signalled by its board members.
“It is with regret that the board of Plymouth Albion RFC has given notice to appoint an administrator in order to sell the club to a new owner,” recently released statements from the board have said.
“The board have put in substantial funds and worked hard with all parties to keep the club going over the past 12 months but believe this is the only way for the club to achieve its ambitions in the future.
“The board have taken this decision in the long term interests of the club and to secure the best option for the players, staff and supporters in the future.”
Plymouth Albion currently play their matches in the National League One, which is the third tier of domestic rugby union competition in England.
The near 100-year-old club was saved from administration in early 2015 after new investors were found and pledges of backing worth a total of £250,000 proved enough to keep the club from becoming insolvent.
However, the financial position of the club has worsened again in recent weeks and it is now once again in urgent need of investor support to avoid administration.
Statements issued by the Plymouth Albion board explain that a variety of steps have been taken in an effort to improve the rugby club’s financial position and particularly its long term debt situation, with creditors, shareholders and Plymouth City Council all involved in the process.
“All interested parties have worked hard to arrive at a solvent solution but this now looks unlikely,” they explained.
“The proposed administrator is already working with the interested parties and we hope to announce further details in the next few days.”
Despite its struggles off the field, the Plymouth Albion team has competed well over the past year with the club currently lying third among 16 teams after 25 games in its nationwide division. With 75 offices across the UK, you’re never far away from expert and confidential advice.