Chairman's Chat | March 2025

Dear Green Army,

We will continue to do everything possible to avoid relegation from the Championship, but recent results suggest our chances of success have diminished significantly. We believed our financial resources, effectively deployed, would be enough to maintain our league status. That may still be true, but it increasingly appears we were not correct. Results and performances have not been strong enough to give us confidence at this stage of the season. 

In recent seasons we have performed better on the pitch than should be expected from our budget available for the first-team squad - and what you spend is the main determinant of results. That has not been the case this season. Our budget is in the bottom 3, and that’s where we are in the league table. We have reached this position due to some decisions that did not yield the expected results. Those decisions were made with the best intentions and careful thought, but the targeted outcomes were not realised. We recognize that decision-making always involves uncertainty and that no process can guarantee success. However, consecutive setbacks inevitably impact confidence. It’s crucial to remember our successes over the years and not let this season deter us from making bold decisions in the future. 

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. 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. 

Securing new investment has taken longer than we hoped because we have been careful in selecting investors who share our vision for Argyle as a financially sustainable, community-focused club striving for success on the pitch. Despite the increased risk of relegation, our new investors remain committed, and the agreements in place will not be affected by a potential drop to League One. While awaiting this investment, Argyle Green and I will continue to provide financial support for both squad improvements and infrastructure projects. 

Our success off the pitch has enabled us to diversify and grow revenues to record levels. Should we be relegated, returns on our investments position us well to remain financially strong in League One, with the ability to fund a highly competitive first-team squad. A League One budget would be considerably in excess of that with which we were promoted in 2023. 

Planning and investing in the club’s long-term future is essential. Our primary strategic objective is financial strength, but we operate on a five-year mission that allows us to build the resources needed to achieve our goals. When setbacks occur, we continue planning and working toward the same objectives. 

This year has been a challenge, but our five-year mission remains intact. We aim to be a financially strong club competing in the top half of the Championship. Achieving this goal requires new investment to strengthen the squad and develop infrastructure to generate the necessary financial resources. A key step in this direction is the development of Foulston Park, which will provide a permanent home for our Academy and Women’s teams. This investment is central to an important element of our financial strategy - creating revenue streams from player development and future transfers. 

All infrastructure investments are designed to increase revenues, move the club toward sustainability, and enable greater spending on the squad. Investment is about the long term - allocating resources to projects that generate returns, allowing for increased future spending. Balancing long-term objectives with short-term needs though is also necessary. 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 is important to note that transfer fees do not always reflect cash flows. Most transfers involve staggered payments over multiple seasons, meaning reported fees do not always translate into immediate spending power. Additionally, EFL regulations prohibit disclosing fees, making press reports - let alone social media gossip - unreliable, to put it mildly. 

Our vision is to be a successful club, supported and respected by everyone in the South West and many beyond. We are now expanding our reach and investing in building a global fanbase. Other clubs - Wrexham being a notable example - have already done this, making fan engagement a competition beyond just stadium attendance. While meagre compared with player acquisition and wage costs, these investments in Argyle’s profile will enhance broadcasting and sponsorship opportunities while cultivating a worldwide fanbase.  

As part of our global outreach, we will send a representative team to an annual tournament with worldwide popularity held in North Carolina - TST. This initiative is already generating interest among our growing ArgyleUSA community and beyond. You can learn more at  ArgyleUSA.com as well as on the club website. 

We have also launched a platform enabling fans worldwide to establish local supporter groups. We already have 36 such groups in 10 countries.

In January, we appointed Miron Muslić as Head Coach partly because of his commitment to integrating young players, a crucial component of our strategy. Developing Academy players will also be a key responsibility of our soon-to-be-appointed Sporting Director. Reporting to the CEO, this individual will oversee all football operations, including first-team performance, recruitment, performance analysis, fitness, sports science, and our Academy.

Transparency is one of our core values, and we strive to communicate as openly as possible about club matters. However, some situations - such as negotiations or regulatory constraints - prevent us from sharing details. I have heard feedback that we only communicate during positive moments and, in response, I commit to providing these updates every three months, as well as when I believe I have something additional to say. 

While our first-team has faced challenges in the Championship, their successes and those of our U18 team in cup competitions deserve recognition. They have collectively beaten three Premier League teams - whatever the outcome of the next few weeks those were results to enjoy and to remember. 

Football decisions have not always gone our way, but we remain more determined than ever to correct course. We deeply appreciate the unwavering support of the Green Army, both at Home Park and on the road, and will never take it for granted. 

Off the field, Argyle is in the strongest position in its history. That is partly thanks to our growing lineup of sponsors whose support, along with that of the Green Army has been invaluable. Their commitment is testament to the progress your club has made in recent years. 

We have the best fans in the world, and, as one of you, I assure you that everyone at the club is committed to overcoming setbacks and emerging stronger. 

COYG!

Simon Hallett 
Chairman