Plymouth Argyle look to be closing in on finding a new investor after owner Simon Hallett revealed progress in a deal.
The Pilgrims have been searching for a new cash injection at the club for over a year as the Devon side have fought to maintain their place in the EFL Championship.
Deal Agreed In Principle
Speaking during a fan’s forum at Home Park, Hallett revealed there had been positive progress in talks. (Quotes via Plymouth Live):
“We are closer to having a deal completely executed and approved than we have been.”
The latest is we are continuing to make progress. We are closer to having a deal completely executed and approved than we have been.
“It’s obviously taking much longer than we thought, though most people in this business tell us that most transactions take a year or so to go from beginning to end so I guess in some ways we are on target but it has certainly been a frustratingly long time for us.
“Where we are now is that since we last talked about it in public we have actually got an agreed transaction, at least in principle. So the shareholders have agreed with the potential purchasers, we have more than draft but approved shareholders’ agreements, share purchase agreements and so on.”
It is believed that there will be an initial investment upon the completion of the deal, with a later injection added further down the line.
Writer’s View
This is terrific news for Plymouth Argyle to receive as they combat relegation for the second straight season. Whilst on the pitch they may have suffered blows with the sales of Michael Cooper to Sheffield United and Morgan Whittaker to Middlesbrough across the past 12 months, they have made plenty of cash from those deals and their FA Cup run will boost the coffers more. Under Miron Muslic they are looking better and better and should they beat Cardiff City in a crunch match this weekend, Argyle look like strong contenders to stay up and fresh investment could keep them as a Championship staple for the future.
