Doing the 92 is Daniel Storey’s ambitious journey to visit every English football league club in a single season. The best way to stay updated on his progress is by subscribing here.
When considering the landscape of English football, Plymouth Argyle stands out as a model of financial prudence and operational excellence. In their most recent financial reports, the club showcased a remarkably low wage-to-turnover ratio of 66 percent, the best in the Championship. Furthermore, their annual losses amounted to just £2.4 million, making them one of the most financially stable teams in the league. Their wage bill is also the second lowest in the Championship, setting a benchmark in a division often characterized by financial recklessness.
The club’s overarching goal is to achieve complete financial sustainability—no ifs, no buts. Argyle believes they are steadily progressing towards this objective, a strategy influenced heavily by their history. It has been 14 years since the club faced administration, and they endured seven consecutive seasons in the fourth tier of English football, even competing in League Two as recently as 2020. This history has become a guiding principle for their current operations.
More importantly, this commitment to sustainability is a direct reflection of owner Simon Hallett’s philosophy. Unlike many football club owners who are willing to lose millions in pursuit of Premier League glory, Hallett is steadfast in his approach. “I’ve never been in debt personally, and so the club I managed wasn’t going to be in that position,” he states. “I firmly believe that a club must be built to withstand almost any circumstance. If you have debt, you open yourself up to fragility.”
For Hallett and Argyle, sustainability means breaking even. “I just don’t want to pour money into foolish holes. Football clubs are generally sustainable because there will always be someone willing to invest to save them,” he explains. “However, we’re not going to take that route; part of me believes that football clubs are more sustainable than people realize because there’s always someone for whom the ownership of the asset is attractive.”
This season has been challenging for Argyle on the pitch; they are currently sitting in the relegation zone with the second lowest playing budget. Despite having survived relegation last season, they are now favorites to drop back down. However, hope remains. The appointment of Wayne Rooney did not yield the desired results, but the arrival of Miron Muslic has sparked a resurgence in form, culminating in a stunning FA Cup victory over Liverpool.
During my visit to Plymouth, the atmosphere was electric as they faced Millwall, needing a win and hoping to score five goals. Each goal felt like a surge of adrenaline, reinforcing the belief that they could defy the odds and avoid relegation.
Plymouth Argyle owner Simon Hallett and manager Miron Muslic (Photo: Getty)
There’s no reason for Plymouth to fear a return to League One, especially considering their previous triumph of accumulating 101 points to win the title in their last season in that tier. Nonetheless, Hallett’s vision remains clear: to compete regularly in the upper half of the Championship. Although the top two places may seem out of reach due to inflated budgets from parachute payments, achieving a playoff spot is still a realistic goal.
Hallett joined the board in 2016, progressively increasing his stake until he became chairman in 2018. By 2019, he had bought out shareholder James Brent, securing 94 percent ownership of the club. This transition allowed for ambitious plans to enhance the club’s infrastructure. “We have done an excellent job at expanding and diversifying our revenue streams,” Hallett notes. “While our football budget this season is among the lowest in the Championship, our revenue will place us mid-table, around £30 million.”
This was a deliberate strategy. Hallett believes that clubs can compete by being intelligent with their finances and leveraging revenue effectively. “The stadium is utilized throughout the week and the year. We have acquired additional properties over the years that generate income, and we own land outside the ground that also produces revenue,” he elaborates.
Plymouth Argyle 5-1 Millwall (Wednesday 12 February)
- Game no.: 67/92
- Miles: 581
- Cumulative miles: 11,827
- Total goals seen: 198
- The one thing I’ll remember in May: There’s a unique sound a crowd makes when the second early goal is scored—a special mix of joy and disbelief. This was perfectly exemplified here: 2-0 after just 10 minutes.
The next phase of their development involves a £12 million investment in Brickfields, which will serve as a new home for the club’s academy and women’s team. While Argyle’s academy teams have enjoyed success on the field and boast a high-level coaching staff, Hallett describes the current infrastructure as “derisory” for a club at this level.
Plymouth’s geographic challenges are evident; however, they also present unique advantages. For instance, clubs are often willing to send loan players to Plymouth, far removed from the distractions of the big city, providing an environment conducive to focused development. Additionally, there is a vast catchment area for a single league club, and if Plymouth can enhance their infrastructure to identify and nurture local talent, the potential is immense.
Developing a player trading model is critical for smaller clubs to supplement their revenue and enhance their playing budget. The aim is to cultivate talent, sell them at peak value, and reinvest wisely. “We’ve already made strides in this area,” Hallett shares. “Two years ago, we invested £3 million in three players. Recently, we sold one of them, Morgan Whittaker, for a reported fee of £6 million plus add-ons, effectively doubling our investment.”
This year, during transfer windows, Argyle has made significant investments, including seven-figure purchases on two players and six-figure acquisitions for others. They are deliberately building a portfolio of players, recognizing that not all investments will yield returns.
Despite the financial realities at play, which cannot be overlooked, Argyle remains committed to sustainable growth. Even with mid-table revenues, bolstered by the recent refurbishment of the Mayflower grandstand, the size of their stadium imposes inherent limitations. Home Park is the third smallest ground in the Championship, and the two clubs with smaller capacities, Oxford United and Luton Town, have concrete plans for relocation.
Therefore, Hallett is actively seeking outside investment, which involves issuing new shares initially, with the potential for increased stakes as investment grows. This approach enables both the club and potential investors to align their visions and ensures that funds are allocated towards improving infrastructure for the long term.
However, the process has proven challenging. Hallett admits that the search for new investors has taken longer than anticipated, though an announcement may be forthcoming. “We are constantly on the brink,” he reveals. “We could have everything with the EFL in a few days, or it could take months. It’s been a frustrating journey, but we are clear with potential investors: we’re selective.”
Hallett seeks individuals who understand that the club is both a business and a community asset. “We are looking for guardians,” he states. “Football clubs are not typical investment assets, yet the trend is that more and more investors see them as such. That usually doesn’t end well.”
Plymouth is a professional football club confronted with unique challenges regarding player recruitment and fan engagement. Four years ago, I traveled with away fans for an 806-mile round trip to Sunderland—a memorable experience, but for the Green Army, this is simply life. The closest away trip this season is still a 238-mile journey, and that’s only for those residing in the town center. For some fans I met who live in Camborne, even attending a home game involves a 60-mile drive each way. While being a club for the entire Southwest region is admirable, the vastness of the area poses challenges.
This geography creates a unique bond among players who join the club. Plymouth is a stunning part of the world that few people truly appreciate, and players and their families often fall in love with the area, fostering lasting connections that benefit the club. It also engenders patience among supporters. “Our fans are generally quite patient,” Hallett observes. “What sets us apart under my ownership is our commitment to transparency. We believe it is crucial to keep the fans informed about the club’s direction, which has earned us considerable goodwill.”
With a population of 265,000 in Plymouth and 750,000 in the surrounding area, it would be detrimental to restrict attendance to just 17,000 season ticket holders. “We want to encourage as many supporters as possible, including those who can only attend a few games a year,” Hallett adds. “This approach embeds us deeper within the community.”
Remarkably, Plymouth currently has a waiting list of over five thousand individuals eager for season tickets. I arrived on a fortuitous day, just after the exhilarating victory over Liverpool, and on a night when Argyle erupted into a goal-scoring frenzy. The atmosphere in the Mayflower Stadium was among the best I’ve experienced this season, given its capacity.
Internally at Argyle, they refer to their efforts as “building the architecture.” They are laying the groundwork for the club to harness the immense potential of its location while overcoming the challenges that come with it. Outside investment will come, and the overwhelming sentiment among supporters is that it will be utilized wisely.
The dream remains unchanged: to consistently compete in the upper half of the Championship, providing a pathway to pursue the extraordinary. The self-imposed conditions also remain steadfast: never exceed their financial limits, and never incur debt. Achieving these final steps will be the most arduous, as they navigate a landscape where other clubs have leveraged expensive resources on credit.
Leaving certain football clubs, one often wishes them well, and Plymouth is certainly among those. They have established a legacy that will endure for decades, especially considering the uncertainty they faced not long ago regarding their very existence. Yet, they aspire for much more than merely rectifying historical misfortunes.
Daniel Storey has set himself the ambitious goal of visiting all 92 grounds across the Premier League and EFL this season. You can follow his progress via our interactive map and find every article (so far) here.
