Plymouth Argyle are set to leave administration after a takeover deal by local businessman was approved.
Local businessman rescues League Two club
Plymouth Argyle are set to leave administration after a takeover deal by local businessman James Brent was given the green light.
The board of the Football League have agreed to transfer Plymouth's league share to Brent's Green Pilgrim Limited company and bring to an end the sorry chapter in the club's history.
But Football League chief Greg Clarke warned the deal 'required a significant leap of faith by the board' and promised to keep an eye on the Pilgrims' finances in future.
He said: "I would like to welcome James Brent to the Football League and thank him for the efforts he has made to help save Plymouth Argyle Football Club.
"It is important to place on record that his takeover proposals have required a significant leap of faith by the board, which it has agreed to take in order to preserve the future of professional football in Plymouth.
Collective resilience
"In seasons ahead, the League will closely scrutinise the financial affairs of the club to ensure that the promises made to the board are kept.
"For many months staff have worked without pay and without any certainty that they would receive money owed to them or even have a job in future.
"Without their collective resilience there would not be a professional football club in Plymouth on Monday.
"I would also like to thank Plymouth City Council. By agreeing to purchase Home Park they have ensured that the Pilgrims can continue making an important contribution to people living in the local community.
"Finally, I would like to thank Plymouth supporters for their patience and continued support of their club. Hopefully, this will be the start of a better future for Plymouth Argyle."
