Last Updated: Thu, 02 Jul 2009 12:59
Paul Stapleton has stepped down as Plymouth chairman after a consortium of Japanese and local businessmen secured a majority interest.
The buy-out will see Japanese businessman Yasuaki Kagami own 38% of the Pilgrims' shares, while Sir Roy Gardner and Keith Todd own 13% which leaves 51% for the consortium.
Former Manchester United chairman Gardner will take over as chairman with Todd joining him on the board. Stapleton will step into the role of vice-chairman at Home Park.
The new owners have also confirmed that Paul Sturrock will remain as manager.
Stapleton says he has been proud of his eight years at the helm and is hoping the new era can bring success to Argyle for the fans.
He said: "I have been very lucky to have people around who have supported me on the board and the staff at the club as well.
"The fans have been very supportive to all of us and we thank them all for that.
"We have taken this club as far was we think we can and it is time to pass on the baton."