Plymouth Argyle owner, US-based businessman Simon Hallett has increased his shareholding in the club to 90 per cent, buying out the remaining 30 per cent of shares of former owner/chairman James Brent. That led to Brent and his daughter, Natasha, stepping down from the Pilgrims’ board of directors.
Hallett wrote on his chairman's blog, 'My increased shareholding does not mean a change in the goal of financial sustainability that I outlined in my last letter. It does mean that I will provide more capital in coming months.' This will take the form of shares not debt.
'Some of that money will go to fund continuing, but shrinking, deficits, and some to provide the cash to make further necessary investments in our infrastructure (for example, a new sound system at Home Park!) Some, of course, will go to fund the football budget.'
'That budget will be enough to allow us to compete in League Two, but no amount of spending can guarantee success, so it will not be an amount that will jeopardise the long-term goal of having sufficient revenue to match all our costs.'
Hallett has made a significant multi-million pound investment in Argyle since first becoming a director in 2016. His latest blog post can be read here: Chairman's chat
Hear Argyle news on my Saturday morning football round up on Radio Scilly between 9 a.m. and 10 a.m., usually after 9.30.
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