Pitchero Non League

Kevin Heaney

The property tycoon, who became Truro's chairman in 2004, said speculation that he was leading the race to take over the debt-crippled Pilgrims was wide of the mark. A consortium led by a Cornwall-based businessman is in pole position to buy Argyle out of administration.

But takeover talks have hit a major stumbling block over the value of the club's stadium.

It is understood Home Park is now being revalued as pressure mounts on former club chiefs Keith Todd and Sir Roy Gardner.

The leading bidder, understood to have ongoing business interests in both football and property, is unwilling to part with any cash until nearly £2million of mortgages linked to the pair are either unsecured or written-off.

Unless a funding agreement is signed by the end of the month, Argyle could be forced out of business for good, lead administrator Brendan Guilfoyle has warned.

Home Park, valued at £7.5million when Todd was executive director, is currently mortgaged to over £4million – but could be worth just half that figure.

As well as a personal mortgage from ex-chairman Sir Roy, over a dozen investors have provided loans through he and Todd's Mastpoint firm. They are thought to be keen to cling on to their investments – and have failed to reach an agreement with the leading bidder.

A repayment plan that would see the Mastpoint collective – who were promised interest rates of between six and ten per cent a year – given their cash back if relegation-threatened Argyle return to the Championship or reach the Premier League has been discussed.

Guilfoyle held "encouraging" talks with lawyers in London on Tuesday. If an agreement cannot be reached with Mastpoint, administrators The P&A Partnership could take the battle to court. It is understood they have called in independent property valuers, with a view to potentially asking a judge to unsecure any loans falling above its price-tag.

Both bidders have asked for anonymity, but it is understood Devon-based former banker James Brent, who may need assurances from Plymouth City Council, remains in talks.

Heaney, rejecting strong rumours that he is leading the race, said last night the bids were "nothing to do with me".

The Cornish Properties boss has been keen to see a 10,000-seat stadium built for rising Truro.

He was also involved in providing training facilities for Plymouth's doomed World Cup bid.

Tags: News | Truro City

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