Argyle’s existing shareholders are committing £11 million towards the £21m redevelopment of the site in Devonport, which will feature a new home for the club’s academy and women’s team
More than five million new shares in Plymouth Argyle Football Club Limited have been allotted to chairman and majority owner Simon Hallett as well as the US-based group of investors Argyle Green, whose managing member is Nick Giannotti.
It is in connection with the £11m commitment from Hallett and Argyle Green towards the £21m redevelopment of the Brickfields site in Devonport into a new permanent home for Argyle’s academy and the women’s team, as well as other sporting facilities and a new community hub.
The first part of it was a £7m share rights issue in November 2023, when Hallett took up 80 per cent of the new shares and Argyle Green acquired the rest, which equated to a split of £5.6m to £1.4m.
In a new document posted on the Companies House website there was confirmation an additional 5,305,003 shares had been allotted in Plymouth Argyle Football Club Limited, valued at 0.754005 each share.
That represents the £4m to be added to the previous shares rights issue for the £11m in total, and comes after the approval by Plymouth city planners of the plans for Brickfields last month.
Initial activities to begin preparing the site are set to commence in May with a view of completing the new facilities by September 2025. Argyle, the Argyle Community Trust (which is the club’s official charity), Plymouth City Council, Plymouth Albion RFC and Devonport Community Leisure Ltd have come together for the ambitious project.
