Plymouth get debt deadline

League One club Plymouth Argyle have just two months to clear their debts or face the potential of liquidation.

The club, and companies it owns, owe Her Majesty’s Revenue and Customs a tax debt of 760,000 pounds and staved off a winding-up petition at the High Court on Wednesday.

Plymouth told the court an investor is ready to commit 500,000 pounds to the club and they are in the process of refinancing, which won them 63 days grace instead of the 56 they asked for.

Plymouth, managed by Peter Reid, claim they are also owed money, making it easier to pay off accrued debt.

The club also said they could raise funds by the sale of players in the January transfer window.

“The board and its advisors are continuing to work through a number of potential answers in order to put the club on a sound financial footing,” a statement released on the club’s website said.

“We are advised not to make any further comment at this time. When we have anything more to say we will advise you.”

Plymouth were given a winding-up petition on October 23 and consequently had all funds frozen, meaning that players and staff were not paid in November.

But the club have asked for a validation order from the courts to un-freeze their account to keep their staff happy.

Plymouth lost 2.8 million pounds in the 2008/09 financial year and also received a winding-up order from the HMRC for unpaid tax last season.

Argyle occupy 17th position in League One, winning their last fixture 2-1 against Dagenham and Redbridge in front of their smallest home crowd of the season.