Wednesday 25 September 2019 22:36, UK
Plymouth Argyle's majority shareholder Simon Hallett has cancelled a £4m loan he made to the club, clearing virtually all of the League Two side's debt.
Hallett and his wife Jane loaned the money to the club to finance the refurbishment of the Mayflower Grandstand, which is nearly complete.
In place of the loan, Hallett has been issued with four million new shares in the club, taking his holding to 97 per cent.
Hallett became an Argyle director in 2016, when he acquired a 30 per cent shareholding. Since then, the club has bought Home Park from Plymouth City Council and acquired Higher Home Park, which is the land behind the new Mayflower stand redevelopment.
This development will include two office blocks, three different sized restaurants, a gym, and a 116-bed hotel - plus car parking.
It is all a far cry from 2011, when Argyle entered administration with staff working on hand-outs from supporters.
The Pilgrims are currently 14th in League Two after a run of five games without a win.
Despite the recent poor form, manager Ryan Lowe has confidence in what they are trying to achieve.
"We will never rip anything up in terms of our philosophy and the style of play," he said.
"You have seen it's working, it's just that last little bit in both boxes that's really hurting us at the moment."
Next up for Lowe's side is a trip to 19th-placed Mansfield on Saturday.
