The leading contender to buy Plymouth Argyle pulled out of the running yesterday, leaving one bidder remaining for the stricken npower League One club.
Kevin Heaney, a Cornwall-based property developer who is the owner of Truro City, told administrators at a meeting in London that he had decided not to proceed with a deal. Heaney reportedly planned to build a multiplex cinema on a car park next to Home Park. The Argyle Fans’ Trust had said they were “gravely concerned” that his plans were based on “property speculation”.
James Brent, a hotelier based in Devon, is believed to be the sole candidate left, though Paul Buttivant, a property developer from south-east England, has also been linked with the club. Without a significant cash injection, Argyle look certain to fold in the summer.
The club are around £13 million in debt, most of it owned to former directors and associated investors. Their desire to see a return on their outlay is complicating attempts to rescue the club, which overstretched itself financially in a bid to reach the top-flight and had ambitious redevelopment plans thwarted by England’s failure to win the right to host the 2018 World Cup finals.
Home Park is Argyle’s biggest remaining asset but there are four mortgages on the ground totalling around £4 million and selling it may only raise half that sum, while council restrictions on surrounding land complicate potential redevelopment.
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The club’s non-playing staff have agreed to work without pay until the end of this month. The players have not been paid this year and are unlikely to receive their April wages on time. The PFA has loaned money to the squad. Plymouth were deducted ten points by the Football League in February for announcing their intention to appoint an administrator. The side are bottom of League One, eight points from safety.