Argyle pin hopes on Bishop deal

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Football News

Plymouth's joint-administrator Brendan Guilfoyle has explained the reasons behind agreeing takeover terms with Bishop International Limited and not the consortium fronted by Paul Buttivant.

It is hoped the deal, which has been signed by both parties, will be completed before the start of the new season and Guilfoyle insisted "quite simply, Bishop International Limited made the best offer".

He told Argyle's official website: "We provided all interested parties with a set of criteria to fulfil which we believed would give us the best chance of achieving a sale in the required timescale. We asked the potential purchasers to provide proof of funding together with their proposals to provide funding during the administration in return for a period of exclusivity."

He added: "The company behind Mr Buttivant`s offer provided a letter from a bank which offered to provide funding subject to satisfactory due diligence. This is neither evidence of funding nor a guarantee that funding would have been available.

"Buttivant was not prepared to disclose to the administrators what he was prepared to offer certain creditors; he was not prepared to make an exclusivity payment and would not have provided any funding until a sale a purchase agreement had been completed.

"In contrast, Bishop International Limited provided us with proof of significant immediate funding, together with a solicitor's letter confirmation that further funding would be available to complete the transaction in due course.

"Bishop International Limited subsequently entered into a six-week exclusivity period and have provided us with a substantial funding contribution."

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League Two
Plymouth Argyle

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