A consortium of businessmen led by the former chair of Manchester United Football Club, Sir Roy Gardner, has acquired a controlling stake in Plymouth Argyle Football Club (PAFC).

Gardner and business associate Keith Todd, has secured a 13 per cent stake in the Coca-Cola Championship club through their KKC joint venture company, while the Japan-based Kagami Group has increased its stake from 20 per cent to 38 per cent to take the consortium's total shareholding to 51 per cent. The consortium hopes to establish links with clubs and academies in the US and Japan, while also targeting promotion to the Premier League within five years. Plans are also set to be revealed for the creation of a new youth academy.

Gardner said: "As we develop a better understanding of the club's precise needs, we plan to progressively increase the budget for new players, in particular as we grow the commercial income. Gardner will replace Paul Stapleton as club chair, with Stapleton set to become vice-chair.