Hallett extends ownership stake in club
Plymouth Argyle Chairman and majority shareholder Simon Hallett has agreed to purchase 3.3 million A Shares from outgoing investors in Argyle Green, LLC, raising his ownership stake in Plymouth Argyle to 87%.
Among the outgoing investors are Argyle Green managing members Michael and David Mincberg, the former of which will also withdraw from the Plymouth Argyle Board of Directors as part of the transaction. Nick Giannotti will remain as a director and become the sole managing member of Argyle Green.
Upon the announcement, Hallett commented: “I would like to thank Michael, David, and the other outgoing investors for their efforts and support of the club last season. The 2022/23 campaign was a tremendous success, and we look forward to building upon it as we turn our focus to achieving our objective of becoming a sustainable Sky Bet Championship club.”
Michael Mincberg added: “We would like to thank Simon Hallett, the club, and the entire Plymouth community for the warm welcome we experienced during our time as investors. The club’s success on and off the pitch is a direct result of Simon’s leadership, commitment, and vision – he is an excellent chairman and we enjoyed partnering with and learning from him. While we are moving on to other projects, we look forward to cheering on the club’s continued success from afar.”
As previously announced, the club is raising £11million by way of a rights issue. It will be taken up in the next eight months by the main shareholders, Simon Hallett and Argyle Green, in proportion to their existing holdings. The funds will be used for the Brickfields project that will provide a new permanent home for the Academy and our Women’s team.
Hallett continued: “I have spoken continually about our need to be a sustainable business doing things differently and our belief is that an £11million investment in Brickfields and the Academy is our best way of future proofing the football club.
“The region of Devon and Cornwall is so important to Argyle, where we have an array of talent for whom we can provide opportunities and a pathway to professional football. The investment in Brickfields is integral to producing the homegrown talents that we will see run out at Home Park for many a year to come.
“Your support of me, the board and the team on the pitch is unrivalled, and I look forward to seeing you all back at Home Park in August when we take the next step on our path to becoming a sustainable Championship club.”
