Plymouth Argyle Football Club’s board of directors has entered the npower League One side into administration.
Administrator Brendan Gulifoyle, assisted by lawyer David Hinchcliffe, has taken control of the club. Last month the Pilgrims issued a notice of intention to enter administration although deputy chairman Paul Stapleton insisted the club could avoid the fate if it could find investment.
But the required money could not be found in time and Gulifoyle will now attempt to find a buyer.
Gulifoyle said: "I'm pleased to say that this afternoon, I was appointed as joint administrator of Plymouth Argyle Football Club.
"The powers of the directors have now been suspended as a consequence of my appointment and I am effectively running the club.
"My role is, in relatively short term, to find a potential purchaser who is able to fund the club in the short term, so it can continue to fulfil its fixtures and then, thereafter, to satisfy the Football League requirements in acquiring the club and transferring the share to a new company. "
Gulifoyle revealed he does not currently have the funds required to pay players and staffs’ wages and therefore is hoping they will work without pay in the short term whist also considering whether to offer Peter Ridsdale, who has been with the club as an independent advisor, a new role.
He commented: "I have practical difficulties at the moment- I'm not currently funded so I'm prevailing upon the goodwill of staff and players to continue to work without pay.
"I am optimistic that we'll find a buyer. In previous clubs I've worked with, most recently Leeds United, Luton Town and Crystal Palace, we've always succeeded in find a buyer and I'm encouraged by the fact that we have three parties that are expressing a definite interest in acquiring Plymouth Argyle.
He added: "I don't know [about offering Ridsdale a role], I'm going to give favourable consideration to that.
"He's had a fairly torrid time in recent times, so I'm just giving him a bit of time to adjust to the current circumstances before I make any commitment to him."
Argyle has already been handed a 10 points deduction from the Football League.