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Pilgrims takeover hit by stadium valuation

Plymouth Argyle Football Club’s potential takeover has been set back after a disagreement over the valuation of its Home Park stadium.

A preferred bidder has been selected but the deal offered was rejected by Mastpoint although the company, which invested £2m into the Pilgrims’ stadium, have re-entered into negotiations.

Administrator Brendan Guilfoyle said: “The prospective purchaser asked Mastpoint to remove their security from the stadium, a move which was deemed unacceptable.

"The two positions were so far apart I couldn't see how they could be reconciled.

"However, there is now every indication that Mastpoint are going to re-negotiate with a prospective purchaser."

Mastpoint, owned by former Plymouth directors Keith Todd and Sir Roy Gardner, are the third secured creditor on Home Park after Lombard and the Plymouth and the Plymouth Argyle Supporters Training and Development Trust, which took a short term mortgage on the stadium to help the Pilgrims in February.

 

Scott Hobro

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