Plymouth Argyle owner Simon Hallett says he has agreed in principle to sell a stake in the club to new investors.
No details of who will be investing have been revealed, how much they will invest or what size of stake they will have.
Hallett has been Argyle’s majority shareholder since 2018 and made it is his mission to turn the Pilgrims into a sustainable Championship side.
“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,” he said in a statement.
“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.”
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exeter.one newsbite last confirmed 1 week ago by Exeter One
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