Consortium takes over at Argyle

02 July 2009 11:19
A consortium of Japanese and local businessmen has secured a majority interest in Plymouth Argyle as Paul Stapleton steps down as chairman. Japanese businessman Yasuaki Kagami now owns 38% of the shares with Sir Roy Gardner and Keith Todd owning 13%, giving the consortium 51%. Kagami's company Shonan Management Corporation first invested in the Championship club in April 2008. Stapleton will now continue in the role of vice-chairman at Plymouth Argyle. Former Manchester United chairman Gardner is Plymouth's new chairman and will be joined on the board by Todd, with whom he has joint venture company KKC. The new owners of the club have confirmed that Paul Sturrock will remain as manager. Kagami, who has an option to gain more shares in the next year, increased his holding from 20% to 38% last week when he bought the shares from ex-Argyle director Phill Gill. Stapleton said his eight years as chairman had been a "time of great pride". He added: "I have been very lucky to have people around who have supported me on the board and the staff at the club as well. "The fans have been very supportive to all of us and we thank them all for that. "We have taken this club as far was we think we can and it is time to pass on the baton." Existing board members Tony Wrathall and Robert Dennerly also remain on the board alongside Stapleton.

Source: BBC_Sport