Significant Plymouth Argyle takeover update issued amid summer transfer spending plans | OneFootball

With the Pilgrims in need of external finances to grow as a club, Hallett is on the verge of relinquishing some of his shareholding

Plymouth Argyle owner Simon Hallett has confirmed that external investment is set to arrive at Home Park in the near future if all goes to plan - with a view to the unnamed party becoming outright owner in the future.

The Pilgrims are currently six points adrift in the battle to stave off Championship relegation, and given they are rock-bottom of the table with seven matches to go, they are the clear favourites to head back to League One after two seasons in the second tier.

Having cashed in on both Morgan Whittaker and Lewis Gibson in the January window to fund multiple new additions at the start of 2025, Plymouth's squad now looks a bit different to what it did at the start of the season, but as of now, it looks as though Miron Muslic is going to have a hard fight on his hands to keep the Devon outfit in the Championship - for Hallett and the new investors.

Simon Hallett issues Plymouth Argyle investment update and confirms takeover plan

It will be disappointing for current Plymouth owner Simon Hallett if they do drop into League One, having been chairman for nearly six years, but it looks as though he's set to pass the club on for good in the next few years.

Talks over investment towards the Pilgrims have been ongoing for a while, with 20 per cent of the club being bought in 2022 by a consortium of United States-based investors, but in time, Hallett is set to no longer be the majority owner, as he has confirmed that an agreement is in place with a party which in the future will see them become the main figurehead.

"For the past six years, I have spoken about how my resources could get us to the Championship but not beyond. We have now reached agreement in principle with a group that will invest in Argyle, and we are in the final stages of due diligence and regulatory approval," Hallett wrote on Plymouth's official website.

"If completed as expected, this transaction will inject new capital into the club in several phases. The first phase will involve issuing new equity, diluting my stake and those of other shareholders. Subsequent funds will be available through sponsorship deals and convertible loans, drawn at the club's discretion.

"These loans will have favourable interest rates and will eventually convert to equity, allowing the new investors to take a majority ownership position."

No details are known of the party that have agreed a deal with Hallett, but it is set to bring in a new era at Home Park when the deal is officially done.

Plymouth Argyle: Miron Muslic set for healthy summer 2025 transfer budget irrespective of takeover plans

Whilst the proposed investment and subsequent takeover of Plymouth is set to inject fresh finances into the club, it shouldn't make too much difference to next season's budget - whatever division Argyle are set to be in.

Having engineered a move away from the club, talisman Morgan Whittaker left for Middlesbrough for a fee reported to be an initial £5 million, with a further £2.5 million in potential add-ons, and that along with Gibson's exit to Preston North End left room for some significant investment on players.

That is set to continue this coming summer no matter if the club are in League One or the Championship, with Hallett revealing: "In the January transfer window, we demonstrated pragmatism by spending on players we believed would improve our survival chances.

"We broke our transfer record twice, signing Michael Baidoo and Maxi Talovierov. While shareholders were prepared to finance these acquisitions, we ultimately covered them through the sales of Morgan Whittaker and Lewis Gibson.

"As a result, we will have more funds available for the summer transfer window. Our player trading strategy of buying players cheaply and in undervalued markets has begun to pay off and will be an important part of our financial results in the future."

It remains to be seen whether Plymouth would be able to attract £1 million-plus players to Home Park if they are in League One next season, but there are positive signs that Miron Muslic - if he is still head coach - will be given the funds to build his own squad, and the future takeover of the club can only be a positive step towards that too.