Simon Hallett talks investment, transfer business and 'sticking around for longer'
A sobering Pilgrims Podcast interview – but unwaveringly optimistic
Life has a habit of coming at you fast. On the day we were relegated to the Championship, there was a buoyant air of optimism around Home Park. We had the nucleus of an excellent squad, Miron Muslic and his backroom staff, and imminent investment.
Six weeks later, we have none of those things. And in a two-part Pilgrim’s Podcast special episode, Simon Hallett painted a sobering – if unwaveringly optimistic – picture of the football landscape Argyle finds itself in.
That landscape includes escalating transfer inflation (sadly not at Home Park), an increasing number of “haves and have-nots” in the EFL, and a growing divide between the Championship and League One. It made for a sobering chat.
“You have to take advantage of being in the Championship, and that’s the big regret that we didn’t. And getting that opportunity again isn’t as easy as many people seem to think.”
If my ear detected Simon sounding a little world-weary after a rollercoaster two years post-promotion, I could easily forgive him. Yes, managerial mistakes have been made, and risks taken where perhaps they were not necessary. But aside from tough finances, Simon’s unerring trust in people has been sorely tested, not least by Miron Muslic:
“I do think it would have been courteous to give me a call. I’ve had no contact with Miron at all since he assured me that he was 100% committed to being our head coach in League One. So I think that bridge is burned.”
Investment dead in the water
Unlike Muslic, Simon Hallett is here to stay. And his loyalty could never be tested. But he was at pains to point out that his financial limit had been reached.
“I think it does increasingly look like I'm going to be around for longer, which is fine by me. It’s not fine by some of the fans. But you know my resources, and you know we're now done. I know I've said that before, but we’re definitely done this time.”
Not only is investment “Not imminent,” but the deal that was on the table is gone. And in fact, it’s the only deal that has ever progressed beyond idle chat.
“It was at the final stages. We pulled out because there was a level of opacity in the structure of the potential buyer. That was unacceptable, and with hindsight, we should have clarified that much earlier. But we were constantly being assured that that level of opacity would be removed. It had to have been removed to meet EFL standards, let alone our own. But eventually we lost patience and we pulled out of the transaction.”
And Hallett also revealed that serious investors are not exactly banging on the door in PL2.
“We've spoken to dozens of people in the last two years. I think the number is more than 70, but the ones prepared to take it beyond an initial conversation, or maybe two conversations, have been very, very limited. We did have a bid from another group, but they were entirely unsuitable.”
Hallett revealed that funds raised for Foulston Park had been spent on the playing squad, with the confidence that new investment was imminent. That meant the home for the academy and women’s team was in danger, but that project will be funded to completion by the Argyle investors. But other, unnamed projects, presumably Home Park extension, are on ice.
“That leaves us with investment plans – infrastructure development plans – that will need to be funded or they’ll need to be postponed. The most immediate of them is the completion of Foulston Park, the development for a site that will be used by our academy and our women's teams.
The shareholders – that’s me and Argyle Green, along with the Halliday family – have agreed that we'll make funds available to make sure that can be carried through to completion. But some of the other plans that we have in the long term are going to continue to need new investors.”
The League One era won’t be free spending
With what’s estimated to be a war chest of around £10 million to spend in League One – and an enormous shopping list of players required (my maths is 18 players out and nine in so far) – fans are keen to see the club spend, especially on established strikers.
But in the aftermath of record signing Michael Baidoo, Hallett also offered insight into his take on the club’s transfer strategy. And it doesn’t seem like big spending is on the cards, and that the types of investment that have seen unproven players arrive at Home Park would continue.
“If you take the transfer fees over successive years, rather than just in a single year, there does seem to be more correlation with results and transfer fees than previously thought.
“But we will continue to hire players that we think are good value. Paying large transfer fees for players does not pay off, on average.
“We’ve recouped quite a lot of the money that we paid for Al Hajj. Baidoo – I think there are things we can learn from, such as the clause that allowed him to go out on loan. But the fact is that he didn't seem to fit in with the new manager. I think the overall learning is that we need players who have a more flexible playing style.”
A moment for Simon
I feel like I’ve done some griping on this newsletter recently, and the tone of the last one wasn’t exactly optimistic. But my points were always in the interests of fairness and setting expectation levels. Simon does much the same in his interview with Pilgrims Podcast.
But Simon Hallett is once again reaching into his pocket to secure a legacy for the club, with training facilities and an academy that could see the club fulfil its potential outside of his lifetime.
Would you trade that up for some shadowy investment bankers and a famous face?
One day, we might not have a choice. But for now, I know who I want leading the club.
Thanks to Pilgrims Podcast for the early access to the interview. Subscribe to them!