Plymouth Argyle: US investors pay £4m for 20% stake in League One club
- Published
Investment from chairman Simon Hallett led to the redevelopment of the Mayflower Stand at Home Park
A group of United States-based investors have bought a 20% stake in League One side Plymouth Argyle.
The £4m investment from Argyle Green, LLC will see Florida-based businessman Michael Mincberg become a director.
The investment comes after talks for almost a year between Argyle chairman and majority shareholder Simon Hallett and the new investors.
Hallett and existing minority shareholder Richard Holliday have diluted their stake in the club.
Among the 12 individuals and three organisations that make up Argyle Green is four-time NHL All Star, and two-time Stanley Cup-winning ice hockey player, Victor Hedman.
"This investment comes at an opportune moment for the club, with Argyle seeking further to improve its facilities, and with investment required to fund those aims," a club statement said.
'Partners who are in alignment with our approach'
Lifelong Plymouth Argyle fan Simon Hallett has been the club's owner since 2018
Hallett became chairman in October 2018 after taking majority control from former owner James Brent - and the Plymouth-born, US-based businessman pledged one final "substantial amount" of money to the club in June 2020 after the Covid-19 pandemic.
"It is a rare thing in football to find a group of investors who wish to support an existing majority owner by taking a minority stake in a club to aid the fulfilment of the vision and strategy already in place," Hallett said.
"We are fortunate to have found that here with partners who are in alignment with our approach, share our values, and believe in the people that we have in place.
"Neither my role, nor the role of any member of our existing executive team will be diminished, and we are gaining additional resources to help us execute our long-term strategic plan."
Argyle missed out on a play-off place on the final day of last season, with manager Steven Schumacher describing it as "an overachievement because of financially where we were at".
Hedman says he can see similarities between Argyle and the Tampa Bay Lightning, from his time in the NHL.
"I have been a football fan my entire life and I am very excited to join Argyle as an investor and as a supporter.
"What Simon and the team are building at Argyle is remarkable and reminds me of what we have built in Tampa with the Lightning.
"It is a dream come true to be part of two organisations that are focused on achieving success at the highest level and sustaining that success for years to come."