Plymouth Argyle have raised more than £700,000 in extra funding. A firm run by owner James Brent, director Richard Holliday and lawyer Anthony Vaughan has bought land at Home Park for £425,000 with Brent taking a 82.5 per cent stake in the firm. Holliday and Vaughan have also bought shares worth £275,000.
The Akkeron Group has also agreed that it will build a new grandstand at Home Park to replace the Mayflower Stand at no charge to the club or give Argyle 50 per cent of the profit it receives from the development if it fails to build the structure.
Plymouth Argyle have raised more than £700,000 in extra funding. A firm run by owner James Brent, director Richard Holliday and lawyer Anthony Vaughan has bought land at Home Park for £425,000 with Brent taking a 82.5 per cent stake in the firm. Holliday and Vaughan have also bought shares worth £275,000.
The Akkeron Group has also agreed that it will build a new grandstand at Home Park to replace the Mayflower Stand at no charge to the club or give Argyle 50 per cent of the profit it receives from the development if it fails to build the structure.
P & A Partners have filed their end of administration report and have complained that the actions of the club’s fans put off a number of potential buyers. However Plymouth Argyle president Chris Webb, who at the time ran the Plymouth Argyle Fans Trust, refuted the claims. He argued that administrator Brendan Guilfoyle made the wrong decision in choosing Gibraltar-based consortium Bishop International as preferred bidder.
The administrators costed their time at £883,634.70 which shows how expensive an administration can be. However, James Brent is in a legal dispute with the administrators over a five figure sum.