Why Plymouth Argyle's next owner may have to pass a test before taking control | OneFootball

Plymouth owner Simon Hallett is open to selling control of the club, but his takeover plan could see a potential successor having to prove themselves.

Plymouth Argyle could eventually have a new majority owner, but Simon Hallett has made it clear that he will not just hand over control to the first bidder who comes along.

Hallett has been the Pilgrims' majority shareholder since 2018, after he joined the board as a minority investor two years earlier.

Since then, he has overseen a promotion from League Two, a League One title and two seasons in the Championship.

But, the businessman has been open about the need for further outside investment in Argyle, with the cost of competing in the EFL increasing.

He is prepared to hand over control to the right person, but his preferred succession plan means there is one certain test that must be passed for change to take place.

What Simon Hallett wants before Plymouth Argyle takeover

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Speaking following what was described as a "difficult" supporters forum in December 2025, Hallett confirmed that Argyle had appointed an investment bank to speak with potential investors.

He also confirmed that he would be willing to sell a controlling stake in the club, and outlined his own preference at the same time.

For Hallett, the ideal scenario would involve a new investor initially purchasing a minority stake, before spending time demonstrating that their values and ambitions match those of the existing ownership. With this in mind, only following this would then allow the investor to move into a controlling position.

He did leave the door open to a quicker takeover, but even then the right intentions and resources would have to be present, with Hallett stressing that he would not put Argyle's long-term future at risk just for a sale.

As of now, Hallett owns 86.99% of the club, and reiterated in April 2026 that Plymouth were being deliberately patient in the search.

Plymouth have already seen one investment deal collapse

In March 2025, Hallett announced that an agreement in principle had been reached with an unnamed group, injecting new equity into the then-Championship club.

The structure proposed would have then allowed more money to arrive through sponsorship arrangements and loans, with the investors eventually able to take control of the club.

Two months later, the deal was off, with Hallett revealing that discussions had been taking place for more than a year, and that the application process had begun with the EFL.

However, negotiations had taken too long, with Argyle then returning to the market for investment.

Plymouth's finances make new investment increasingly important

As of now, Hallett can continue to be selective about who does succeed him, but the club cannot ignore the financial reasons behind the search.

In December 2025, Hallet said that Argyle had made operating losses before player sales in five of the previous six years, totalling around £14 million.

He warned that continuously asking shareholders to cover these losses was not sustainable, especially as the costs of running a club in the EFL rise faster than the revenues.

Accounts released that month show that Hallett had lent Argyle £9.8m after the relegation from the Championship, with almost £12.5m in total between July 2024 and December 2025.

As is the case across the EFL, owning a club continues to become more difficult on a financial level, with further backing difficult to turn down.

For now, Plymouth are able to be selective and choose what is right for the club in the long term, but the importance of further investment continues to rise amid growing EFL difficulties.