Plymouth Argyle chairman Simon Hallett to increase shareholding to 87%
- Published
Lifelong Plymouth Argyle fan Simon Hallett has been the club's owner since 2018
Plymouth Argyle chairman Simon Hallett will increase his shareholding in the Championship club to 87% after agreeing to buy shares from outgoing investors.
US investors Argyle Green LLC, comprising of 12 people and three organisations, invested £4m for a 20% stake in the Pilgrims last August.
Michael Mincberg, who became an Argyle director, is among the outgoing investors and will leave the board.
Director Nick Giannotti will become the sole managing member of Argyle Green.
Hallett has agreed to purchase 3.3m 'A' shares, while the Devon club is raising £11m by way of a rights issue which will be taken up in the next eight months.
"I would like to thank Michael and the other outgoing investors for their efforts and support of the club last season," Hallett told the club website., external
"I have spoken continually about our need to be a sustainable business doing things differently.
"Our belief is that an £11m investment in Brickfields [a site with facilities for rugby, hockey and athletics] and the academy is our best way of future-proofing the club."