Plymouth Argyle are now “all-but debt free” after Chairman and majority owner Simon Hallett converted his £4.1m loan to the club into shares. Nearly 14 months since he became the Chairman and majority owner, Hallett now owns 97% of the shares of Plymouth Argyle.
…@SimonHallett now has 97% of shares in #pafc. During his 2.5 years on the Board, we have:
✅bought Home Park from @plymouthcc;
✅re-purchased a significant part of Higher Home Park;
✅about to complete multi-million pound redevelopment of the Mayflower Grandstand.
?
— Plymouth Argyle FC (@Only1Argyle) September 25, 2019
The loan was initially confirmed in January 2017 to finance the redevelopment of Home Park’s Grandstand, to be repaid over 30 years at a 3% interest rate. That project is nearing completion, with the club set to open the stand around the Christmas period, possibly against Swindon on New Year’s Day.
The initial cash injection was part of a restructuring of Plymouth Argyle’s shareholding arrangement, with Hallett then increasing his percentage of shares to 41.9% behind ex-Chairman and -owner James Brent (50.1%).
Following a series of cash injections, principally from Hallett, the debt at Argyle had gradually been reduced, leaving the £4.1m loan as the outstanding bill for repayment, albeit over a scheduled period of time.