The wait for Plymouth Argyle's next manager appears to be drawing to a close with reports that Ryan Lowe has accepted the club's offer to become their next manager.

The 40-year-old Bury boss is expected to be announced any time soon by the Pilgrims, who have been without a manager since sacking Derek Adams just over a month ago following a 5-1 loss at Accrington Stanley.

That defeat saw Argyle slip into the League One relegation zone and despite a 4-2 win over Scunthorpe United on the final day of the season - under the guidance of caretaker manager Kevin Nancekivell, Southend's win over Sunderland and a draw for Wycombe at Bradford City meant relegation to League Two for the Pilgrims.

Over at Bury, meanwhile, Lowe was leading the club to promotion as runners-up of League Two to Lincoln City, but now, it seems Lowe is set to leave the troubled club and head to the Westcountry with reports suggesting he has accepted Argyle's offer.

Before the party had even subsided at Gigg Lane following their promotion, news broke of the severity of their financial issues with the club estimated to be £8 million in debt.

Lowe, the club's staff and the players have yet to be paid with chairman Steve Dale claiming he has to find £1.6 million to pay the wages, HMRC and pensions by the end of May and the deferment was due to an unpaid water and electricity bill totalling £250,000. A winding-up petition at the beginning of May was adjourned with Dale telling the High Court he was in talks with a prospective buyer.

Dale issued a statement in April which outlined the extent of the club's troubles. He said the club was in 'serious financial trouble' when he took ownership of it, he was advised not to proceed with the purchase, but the trouble turned out to be 'far in excess of what could have been comprehended.'

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Dale is believed to be in talks to sell the club, but failure to find a buyer really could spell the end for the Shakers.

For Argyle, it means they could get Lowe without having to pay compensation with the club potentially in breach of their contractual agreement with the Shakers boss.