Peter Ridsdale Plymouth Argyle takeover complete

Acting Plymouth Argyle chairman Peter Ridsdale
Ridsdale joined Plymouth as "football consultant" in December 2010

The takeover of Plymouth Argyle by controversial former Leeds chairman Peter Ridsdale has been completed.

A separate Irish consortium will buy Home Park and the land around the ground for what is believed to be between £5-6million.

The takeover is subject to the Football League approving the deal and allowing the club to play this season.

Chairman of the Plymouth Argyle Fans Trust Chris Webb said: "Now we need to see the money invested in the squad."

The Trust are also calling for more openness around how the bid is being funded and how much money will be put into the club.

In theory, the deal should mean manager Peter Reid can boost Argyle's squad up to 20 players from the current 11.

It will also mean Argyle can sell season tickets and seek sponsors.

However the Football League must ratify the takeover before they can be taken out of administration.

Under Football League rules no-one can be involved in the running of two football clubs.

The deal which sees the former Leeds United and Cardiff City chief executive Ridsdale buy the the football club also sees a consortium including the chairman of Conference South side Truro City, Kevin Heaney, take ownership of Argyle's Home Park ground and the land surrounding it.

The Trust are also calling for more openness around how the bid is being funded and how much money will be put into the club.

He said: "When we met at the CVA meeting we were informed that an exclusivity deal had been signed which would bring upwards of £1m into the club. That money hasn't materialised."

"We've just been through a period where the club lived beyond it's means, where the club was run into the ground and went into administration and we don't want to see that happen again.

"This time it seems the saviour of the club has been the land and the football ground which development corporations and businesses have been able to look at and been able to eye for themselves and see profit.

"If we go down this route again, having sold off those assets this time, then God only knows where the football club's going to be."

The Plymouth Argyle Fans Trust are set to meet with Ridsdale and the club's administrator Brendan Guilfoyle, on Thursday.

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