Plymouth Argyle owner Simon Hallett has announced the collapse of a deal that would have brought new investment into the club, a story reported by the BBC.
Hallett had agreed a deal to sell some of his stake in Argyle.
In Talks For Over A Year
In his statement, Hallett revealed that talks had been ongoing with the potential investors for over a year but that any deal is now off the table.
“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.”
Despite the application to the EFL, negotiations have dragged on too long and Hallett believes no investment is forthcoming.
“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.”
Budget Won’t Be Damaged
Despite the collapse of any investment deal, the owner has reassured fans that the playing budget won’t be diminished as the Pilgrims look to bounce back following relegation.
He has assured fans that the lost funding will be matched and the club are heading into League One with a budget twice the size of the one they won the title with two years ago.
New Investment Needed For Argyle To Reach Next Level
Hallett says that he and his fellow investors can take, and keep, Argyle in the Championship but will need the help of external investors to take the club further.
“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.”
The search for investment continues but Hallett insists he will not rush any potential deal.
“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.”
Writer’s View
Whilst this is another blow for Argyle after the departure of their manager, news of any lost investment being matched and the size of the budget available to rebuild for a promotion push should fill supporters with confidence.
