Ex-Argyle chief barred from running companies
THE man who led Plymouth Argyle through its financial crisis has been banned from acting as a company director.
A Government department has disqualified former Pilgrims chief Peter Ridsdale from being a director for seven and a half years.
Mr Ridsdale spent a year at Home Park, arriving as an adviser in late 2010, later becoming acting chairman and at one stage was in line to buy the club for £1.
He left shortly after businessman James Brent bought Argyle out of administration in October last year, and is now chairman of football at Preston North End.
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Valid until: Friday, May 31 2013
The Insolvency Service announced yesterday that he had been disqualified following a probe by its Manchester-based company investigations team.
The 60-year-old, from Carnforth in Lancashire, signed an undertaking to the Secretary of State for Business, Innovation and Skills agreeing that he will be unable to act as a company director or from managing or controlling a company in any way until April 2020.
But Mr Ridsdale told The Herald he would continue in his role at League One outfit Preston, where he is not a director.
The investigation was unconnected to his time at Argyle and surrounded a company he ran with his wife, Sophie Victoria Ridsdale, 45, prior to arriving in Plymouth. Mrs Ridsdale has been disqualified from being a director until April 2016.
Investigators found £347,000 invoiced to Cardiff City Football Club – where Mr Ridsdale was then chairman – by the couple's football consultancy firm WH Sports Group Limited was paid into personal bank accounts belonging to Mr Ridsdale. The company went into liquidation in 2009 with liabilities of at least £478,698, mostly to the taxman.
The Insolvency Service said Mr Ridsdale also failed to disclose transactions to the liquidator, failed to pay tax on time and failed to file the company's accounts by their due dates.
Mr Ridsdale said: "The issues that have brought about this voluntary undertaking are currently in the hands of my lawyers who are dealing with all outstanding issues including the professional advice that was given to both myself and my personal company at the time."