Plymouth Argyle are delighted to announce the appointment of Michael Mincberg to the Board of Directors at Home Park, following an investment by a US-based group of investors into the club.
Michael Mincberg, the Founder and President of Florida based real estate development firm Sight Development, will join the Argyle board of directors as an appointee of Argyle Green, LLC – a group of US investors who are investing £4m into Argyle in exchange for a 20 per cent stake in the club.
The group had for some time been seeking an appropriate club to acquire a long-term stake in and were struck by Argyle’s leadership team, connection with the local community, Vision and Values, long term strategic plan and ambition that is partnered with a financially sustainable model.
Club Chairman Simon Hallett has led discussions with the investment group for the best part of a year with Michael and his brother David Mincberg, a US-based sports lawyer, leading the effort on behalf of the investors. After a series of productive conversations with Simon Hallett and Argyle CEO Andrew Parkinson, several of the investors visited Plymouth in March to meet with the Argyle Board of Directors and attend the Sky Bet League One victory over Portsmouth at a full capacity Home Park.
This investment comes at an opportune moment for the club, with Argyle seeking further to improve its facilities, and with investment required to fund those aims. More information will be shared on these projects in due course.
Argyle Chairman Simon Hallett said: “I speak as both a fan and the majority owner of Argyle when I say that I am delighted to welcome Michael to our board and the members of Argyle Green, LLC to the Argyle family.
“It is a rare thing in football to find a group of investors who wish to support an existing majority owner by taking a minority stake in a club to aid the fulfilment of the vision and strategy already in place. We are fortunate to have found that here with partners who are in alignment with our approach, share our values, and believe in the people that we have in place. Neither my role, nor the role of any member of our existing executive team will be diminished, and we are gaining additional resources to help us execute our long-term strategic plan. I hope the Green Army will offer as a warm a welcome to Michael and Argyle Green as they offered me when I first came on board in 2016.”
The deal sees all of the £4m sum invested directly into the club for future projects. New shares will be issued directly to Argyle Green, LLC, with Simon Hallett and existing minority shareholders Richard Holliday & family demonstrating their desire to see Argyle continue to improve on and off the field by diluting their stake in the club accordingly.
Michael Mincberg said: “Our group has spent the last several months learning about Argyle, getting to know Simon Hallett and other members of the leadership team and visiting Plymouth.
“Argyle is a fantastic football club with an amazing fanbase and a very bright future. We share Simon’s vision of achieving promotion through a strategic and sustainable approach.”
The membership of Argyle Green, LLC includes Victor Hedman, Ondrej Palat, Brian and Chris Kubasik, Rudy Cline-Thomas, Jon Horst, Gary Krauthamer, David and Michael Mincberg, Nick Giannotti, Dan Kollefrath, Bradley Parker, LBM Capital, Redball Ventures, and Shepard Capital Partners.
Victor Hedman, a four-time NHL All Star and two-time Stanley Cup Champion with the Tampa Bay Lightning, said: "I have been a football fan my entire life and I am very excited to join Argyle as an investor and as a supporter.
“What Simon and the team are building at Argyle is remarkable and reminds me of what we have built in Tampa with the Lightning. It is a dream come true to be part of two organisations that are focused on achieving success at the highest level and sustaining that success for years to come.”
Andrew Parkinson, Argyle Chief Executive Officer, said: "On behalf of the executive team and all staff at the club, I am delighted to welcome Michael to the Board of Directors.
"This investment is a very welcome development as we seek to continue to grow Argyle on and off the pitch.
This group’s investment in Argyle underlines how exciting a prospect our club is at the moment. What's more, their commitment to following Simon's approach of being non-executive shareholders is a huge sign of confidence in the group of talented professionals managing the club on a day-to-day basis."
Supporters with additional questions are invited to ask those questions directly to Argyle leadership by participating in a Fans’ Forum with Chairman Simon Hallett, CEO Andrew Parkinson, and Head of Finance David Ray at 10am-Midday on Saturday, 13 August – ahead of our game against Peterborough United.
The Fans Forum will take place in the Tribute Players’ Lounge, tickets are free but must be booked in advance at argyletickets.com.
Details of the updated ownership position can be viewed on the club’s company information page of pafc.co.uk
*The appointment of Michael Mincberg to the Plymouth Argyle board of directors is subject to final EFL approval.