Next Gen News

A new name will join those of Sheikh Mansour, Lakshmi Mittal and Roman Abramovich in the ranks of English football club owners this week: that of Peter Ridsdale. For the first time in his chequered football career Ridsdale will be working for himself when he takes control of Plymouth Argyle in a deal that will take only a few more days to complete.

The property assets, which include a substantial parcel of potential development land abutting the south stand, will be held by Kevin Heaney, a Cornwall-based property developer. Heaney, whose supposed partners in the Gibraltar-registered Bishop International shell company being used to purchase Home Park have not been revealed, is also the owner of Truro City and is not permitted under Football Association rules to hold a role in the playing side of the club's business. This has led to the separation of the football operation from its property.

However, the League One club are expected to make a loss next season and there could be future financial difficulties under the terms of the purchase agreement. The football creditors, including playing staff, club employees and other Football League clubs, were owed ?3.7m of Argyle's ?17.5m debts when they filed for administration in March. That number has since risen after wages went unpaid in March and April, and the players received only 50% of their June salaries.