ARGYLE manager Paul Sturrock admitted to contrasting emotions after the club takeover was completed on Thursday.

Paul Stapleton stepped down as chairman after eight fabulous years in charge, although he will remain on the Board as vice chairman.

Between them, the two men engineered a glorious period in Argyle's history, guiding the club from League Two obscurity to regular Championship football.

Luggy said: "It's a bit sad because I had a relationship with the old Board and they have been very successful in the ten years they have been in charge.

"As everybody knows, we went from the bottom league up into the Championship."

Life in the Championship does have its drawbacks, however, and Luggy believes the financial impetus of the new owners will be a benefit to the club.

Sir Roy Gardner has become the new Argyle chairman with his business associate Keith Todd also joining the Board, along with George Synan from majority shareholders, K&K Shonan.

Keith Todd is a lifelong Green and he is part of the new Board plans to establish a structured five-year plan.

"This is a huge league - it is the sixth richest league in the world now, and you need to be worldwide," said Luggy.

"I am pleased there are Plymouth Argyle fans coming in and they are going to amalgamate with the old Board to make the club stronger.

"I have known what's been happening most of the time. Keith, Sir Roy and George have all been in contact, and the old Board as well, so I've heard it from all angles.

"We have got to be realistic. There is a five-year plan, which I am delighted about because that is the way forward for Plymouth Argyle.

"I am great believer in structures being put into place and that is going to happen with this new chairman.

"The chairman has made it plain there is a sensibility first. We have got to make sure we get our ship on an even keel and then we kick on from there."