Fladgate advises on the rescue of Plymouth Argyle FC from administration

Our team: Kim McMurray

Fladgate LLP has advised Green Pilgrim Limited (Green Pilgrim), part of James Brent’s Akkeron Group, on its acquisition of the Plymouth Argyle Football Club from the Administrators.

The Administrators have completed a transaction that will see Green Pilgrim take over the football club. Under the terms of the deal, Plymouth City Council will buy Home Park Stadium for £1.6m from Green Pilgrim and lease it back to Green Pilgrim for annual repayments of approximately £130,000.

As part of the transaction, Fladgate advised Green Pilgrim on all its arrangements with the Football League and the Professional Footballers’ Association (PFA) including dealing with football creditors and assisting with the entering into of various agreements to satisfy the Football League and the PFA in respect of all football related matters.

Fladgate also advised in connection with the releases from secured creditors to enable the sale to take place.

The Fladgate team was led by partners Anthony Vaughan (corporate), Antonia Brandes (Real Estate), Kim McMurray (Banking) and Nick Tsatsas (Employment).

Commenting on the deal Anthony stated: “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. Fladgate is delighted to have been able to assist in saving and stabilising a well supported football club for both the fans and the wider community. We look forward to working with James and his team as they seek to rebuild the club’s fortunes.”

James Brent added: “We were pleased to have had Fladgate on the team. We appreciated the commercial approach they provided on what was a complicated transaction and the dedication they showed to resolving the issues involved. I would like to thank all those who worked tirelessly to help us achieve this fantastic result.”

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