Plymouth Argyle chairman Simon Hallett has increased his shareholding in the club by investing an extra £1.5 million into the club, the official website has announced.

Priced at £1 each, Hallett has purchased another 1.5 million shares which takes his total shareholding of the club to 97.19%. This comes just over two months after the American-based businessman restructured a £4 million loan made by himself and his wife Jane, converting the loan into shares.

Hallett became a director in April 2016, where he acquired 30% of the company. Since then he has increased his shareholding at regular intervals, with a view to using his capital to make sure Plymouth Argyle can be self-sustained in the near future.

The latest cash injection has been used in order to “cover several one-off Mayflower Grandstand related costs ensuring a sufficient cash balance was available until the end of the current budgeting period”.

The club also added it “remains committed to working towards a position of financial sustainability in the future”.

This news comes just two weeks before the Home Park Mayflower Grandstand is due to open to the public for its first Plymouth Argyle men’s match again Morecambe.