A group of US investors has paid £4m for a 20% stake in League One club Plymouth Argyle. The deal will see US real estate chief Michael Mincberg join the side's board of directors.
The cash will be used to improve facilities at the club and for future projects.
The deal comes after nearly a year of discussions between club chair and majority owner Simon Hallett and Mr Mincberg, founder and president of Florida-based Sight Development, and his brother David Mincberg, a US-based sports lawyer. The duo took part in talks on behalf of the investors.
New shares will be issued directly to Argyle Green - the group of US investors - with Mr Hallett and existing minority shareholders, Richard Holliday and family, diluting their stake in the club.
Mr Hallett said: “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.
"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."
Mr Hallett insisted that neither his role, nor the role of any member of the existing executive team, would be "diminished" by the deal.
"We are gaining additional resources to help us execute our long-term strategic plan. I hope the Green Army will offer as a warm a welcome to Michael and Argyle Green as they offered me when I first came on board in 2016," he added.
In March, several of the investors visited Plymouth to meet with the board and attend the Sky Bet League One victory over Portsmouth at Home Park.
Mr Mincberg, whose appointment is subject to final EFL approval, said: “Argyle is a fantastic football club with an amazing fanbase and a very bright future. We share Simon’s vision of achieving promotion through a strategic and sustainable approach.”
The membership of Argyle Green includes: Victor Hedman; Ondrej Palat; Brian and Chris Kubasik; Rudy Cline-Thomas; Jon Horst; Gary Krauthamer; David and Michael Mincberg; Nick Giannotti; Dan Kollefrath; Bradley Parker; LBM Capital; Redball Ventures; and Shepard Capital Partners.
Victor Hedman, a four-time NHL All Star and two-time Stanley Cup Champion with the Tampa Bay Lightning, said: "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.”
Mr Parkinson said the investment was "a very welcome development" as the board looked to grow Argyle "on and off the pitch".
He added: "This group’s investment in Argyle underlines how exciting a prospect our club is at the moment. What's more, their commitment to following Simon's approach of being non executive shareholders is a huge sign of confidence in the group of talented professionals managing the club on a day-to-day basis."
Supporters with additional questions are invited to direct them to Argyle's leadership by taking part in a 'Fans’ Forum' with Mr Hallett, Mr Parkinson, and head of finance David Ray on Saturday, August 13, between 10am and noon - ahead of the match against Peterborough United.
The Fans Forum will take place in the Tribute Players’ Lounge. Tickets are free but must be booked in advance.
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