Plymouth Argyle to cut jobs after making £1.4million loss during coronavirus pandemic

Report by Sam Blackledge

Plymouth Argyle Football Club has to cut jobs after making a £1.4million pound loss during the pandemic, it has confirmed.

The Pilgrims bosses admitted match days account for more than 60% of their income and the club faces an unprecedented financial shortfall before the end of the 2020/2021 season.

In a statement the club said it has been forced to make these cuts as a way to survive in the short-term with the hope of being a financially sustainable business in the longer term.

No final decisions have been made on which jobs will go but Argyle said redundancies are necessary.

Chairman Simon Hallett told fans recently he would invest "yet another substantial amount into the club". Credit: Plymouth Argyle Football Club

In June PAFC released its financial report for the first six months of the year which revealed:

  • The club made a loss of £1.4million.

  • The fixed assets of the club increased by £4million in the year.

  • The club has net assets of £6.7million.

  • The club had £4million in the bank at June 30 - although much of this was ring-fenced to be spent on concluding the development of the Mayflower Grandstand, which opened in January 2020.

  • 60% of the club's revenues come from match-day activity.