Law firms line up on Plymouth Argyle FC's rescue from administration
Fladgate, Walker Morris and SNR Denton have all taken roles relating to the rescue of Plymouth Argyle FC from administration. The troubled football club has formally exited administration following its acquisition by Green Pilgrim, a company owned by Devon businessman James Brent, chairman and CEO of the Akkeron Group.
November 02, 2011 at 09:20 AM
2 minute read
Fladgate, Walker Morris and SNR Denton have all taken roles relating to the rescue of Plymouth Argyle FC from administration.
The troubled football club has formally exited administration following its acquisition by Green Pilgrim, a company owned by Devon businessman James Brent, chairman and CEO of the Akkeron Group.
The deal, which closed on Monday (31 October), will see Green Pilgrim take over the Football League Two team from administrators P&A Partnership, with Plymouth City Council set to buy the Home Park Stadium for £1.6m and lease it back to the club.
Fladgate advised Green Pilgrim on all aspects of the acquisition, including its arrangements with the Football League and the Professional Footballers' Association (PFA).
The City firm fielded a team led by corporate partner Anthony Vaughan, real estate partner Antonia Brandes, banking partner Kim McMurray and employment partner Nick Tsatsas.
Walker Morris partner David Hinchliffe advised P&A on the administration. The Leeds-based firm has also been the lead advisor on a number of other football administrations, including Portsmouth, Crystal Palace and Leeds United.
Meanwhile, Mark Hovell, the managing partner of Manchester's George Davies Solicitors, advised the PFA, while the Football League's director of legal affairs, Nick Craig, advised the league's board and its members.
SNR Denton also took a role, with London corporate partner Matthew Tinger advising one secured lender with assistance from senior associate Ian Fox.
Vaughan commented: "This is one of the most complex transactions on which Fladgate has advised in recent years, bearing in mind the need to ensure that the many parties involved in the transaction were in agreement.
"This involved the need to secure the approval of both the Football League and PFA, negotiating the terms of the sale with the administrators and securing the release of the assets from the secured creditors."
Plymouth Argyle, which is currently bottom of League Two, formally went into administration in March after having been in financial difficulties for some time.
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