New investment in Argyle has fallen through
Plymouth Argyle chairman Simon Hallett says proposed new investment in the club has fallen through.Hallett, who first invested in the Pilgrims in 2016 and became majority shareholder two years later, had agreed in principle to sell a stake in the club to new investors.But in a statement following confirmation that head coach Miron Muslic has joined German side Schalke, Hallett says the deal is off.It comes a month after Argyle were relegated from the Championship, having finished 23rd in the second tier."We have been in talks with a prospective new investor in our club for over a year - those talks led to an application for approval of that investment being lodged with the EFL in February," he said."Unfortunately, negotiations have taken too long and the key information that both we and the EFL required to complete the deal has not been forthcoming. I no longer believe that news of the new investor is imminent."
Hallett says he and the club's existing shareholders - Argyle Green and the Holliday family - will match the level of funding they had planned with the new investor for this season, a level he says is twice the budget the club had when they won League One in 2023.Under Hallett's ownership, Argyle have redeveloped the Mayflower Grandstand and are helping to fund new academy facilities at what was the Brickfields.Argyle also bought land adjacent to Home Park to improve the first team's training facilities."I completely understand that this will be very frustrating for fans, as it is extremely frustrating for me and the rest of the Argyle board," he added."I have said constantly that my resources can enable us to be a sustainable Championship club, but that if we wish to aspire beyond that we would need new investment. I can provide some of that new investment, with the Holliday family's and Argyle Green's help, but not all."While progress towards a transaction in its current form looks to have stalled, we will continue to explore alternative routes, including being open to revised terms with other investment groups."It is important we get the right investor, not the quickest investor, and this may take some time. We are committed to this, but in the meantime, current shareholders can (and will) support the club through its next stage of development."
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