PLYMOUTH Argyle is under new management after a deal to buy the club was finally announced today.

A consortium of international and local businesses is buying a controlling share in the holding company that owns Plymouth Argyle Football Club.

The partnership says it will establish a "New World" for PAFC, targeting Premier League football within five years and expanding e-commerce operations based around the club's brand.

As part pf the takeover, chairman P:aul Stapelton is standing down.

Speaking at a press conference this morning, Paul Stapleton said: "Today, I am standing down after eight momentous years as chairman of Plymouth Argyle.

"I will always remember the game at Rochdale to take us into League One and then the win over QPR to promote us to the Championship. As I said at the time, you can't buy days like those.

"I wouldn't change a moment of it all. It has been a time of great pride.

"I have been very lucky to have people around who have supported me on the board, and the staff at the club as well.

"We have moved on tremendously.

"The fans have been very supportive to all of us and we thank them all for that.

"I've had a few managers and I can't say enough about Paul Sturrock. He was the catalyst for all of this.

"We have taken this club as far as we think we can and it is time to pass on the baton.

"I will be stepping down as Chairman. Sir Roy Gardner will be the new Chairman, with Keith Todd also taking a place on the Board.

"George Synan and Mr Kagami will be come the largest shareholders.

"I will be staying on as Vice Chairman, and Tony Wrathall and Robert Dennerly will also remain on the Board."

A wide-ranging five-year business plan is under preparation and will be published before Christmas.

It will include proposals for establishing a Youth Academy and growing the recognition of the PAFC brand, both locally and globally.

It will also clarify the club's plans to expand the current stadium capacity to more than 25,000 via a fully seated stadium.

The Partnership is led by former Manchester United chairman Sir Roy Gardner, who will become the new chairman. Alongside him will be businessman Keith Todd.

Sir Roy is an avid football fan who has been eyeing a return to the game since departing Old Trafford in 2005 following the sale of Manchester United to the Glazer family.

The consortium's other partner is the Kagami Group, the Japanese business that bought into the club in April 2008. Kagami Group recently increased its holding from 20% to 38%.

Gardner and Todd are buying 13% of the shares through their joint venture company, KKC. Three current directors - Paul Stapleton, Tony Wrathall and Robert Dennerly - will remain on the Board.

Sir Roy Gardner said: "I would like to thank Paul Stapleton for his great leadership over the last decade.

"Anyone who knows me, will know of my passion for football, and I have been looking to get back into the game for a while now.

"This is my opportunity. We have got some exciting ideas and I am delighted to have this opportunity.

"Keith Todd is a lifelong Plymouth Argyle fan and we are looking to make this a Premiership club."

Keith Todd said: "You would be amazed by how many Argyle fans there are around the world.

"This is a global brand and a global club.

"This is a partnership between a UK and Japanese consortium. It has been

a great time and the harmony behind the scenes here is very strong."

The Kagami Group and KKC have options to further increase their shareholding over the next 12 months.

The new owners describe the deal as: "a global and local partnership with football at its heart". The partners combine impressive track records in business with strong local links. The aim is to build on the achievements of the club and its directors over the last decade. The Partnership wants to do this by working with the fans, the local council, local and international business partners to build the 'New World' of Plymouth Argyle.

Paul Stapleton, who will become vice-chairman of the new Board, said: "I am delighted that we have now concluded this new partnership deal that brings together considerable global and local business experience.

"I am particularly delighted that Sir Roy has agreed to take on the chairmanship role. His business and football experience will be invaluable to the club."

New chairman Sir Roy Gardner said: "I am delighted to have the opportunity to lead the club forward and build on the past decade of progress at the club under Paul Stapleton's leadership, and the considerable efforts and support of current and past directors and fans."

The new owners have also confirmed that Paul Sturrock will continue as manager.

Sir Roy said: "The priority next season is stabilization and laying good foundations for the future. Paul Sturrock is the right man to do this on the football field and take the club forward.

"We are working with Paul to consolidate the squad in the pre-season. 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."

New director Keith Todd said: "There are great opportunities here. Plymouth's maritime and armed forces history gives the club huge brand potential.

"There are hundreds of thousands of people around the world with great affection for the town and the club. We will use new technology to build the fan-base and help deliver commercial success."

The Herald revealed today that Stapleton was to step down as chairman of Argyle, a position he has held since 2001.

It is believed that manager Paul Sturrock will continue in charge of the team under the new regime.

In an interview with The Herald last month, Stapleton had made it clear that he wanted to remain on the Pilgrims’ board once Kagami had taken control of the club.

Stapleton was appointed an Argyle director in June 1998, following an invitation from Dan McCauley.

He succeeded McCauley as chairman of Argyle in August 2001 when he headed a consortium of businessmen and supporters in buying the club from, and with, the majority shareholder and former chairman.

The consortium took over the club with the tag-line ‘run by fans for fans’.

Stapleton, who is a senior partner in the Plymouth based accountancy practice Parkhurst Hill, has overseen a massive period in Argyle’s history.

His tenure has seen Argyle win two championships, in 2001/02 and 2003/04, which has taken the team from the fourth tier of English football to the second.

He enjoyed a period of brilliant success when the team was managed by his close friend Paul Sturrock, who is now back for his second period in charge at Home Park after quitting for the then Premiership team Southampton.

He also presided over the reigns of Bobby Williamson and Tony Pulis before a period of sustained success under Ian Holloway which ended in Holloway’s controversial, public and acrimonious departure to Leicester City.

He also oversaw the board’s purchase freehold of Argyle’s ground, Home Park, from Plymouth City Council in January 2007.

Shonan Management Corporation have been in talks since early this year about buying a controlling interest in the Pilgrims.

Kagami has only visited Plymouth twice since being appointed an Argyle director in April 2008.

SMC already hold the largest stake in the club's parent company, Plymouth Argyle (Holdings) Limited.

Argyle director Phill Gill sold all of his shares to SMC in two batches, with the second transaction completed last week, resulting in Gill resigning from his position.

Argyle and Championship rivals Swansea City have been linked with Ipswich Town striker/winger Danny Haynes.

It is suggested both clubs may be close to making a bid for the 21-year-old.

Former Argyle striker Emile Mpenza is set for a move to Swiss Super League side Sion.

The former Belgium international Mpenza, who signed a lucrative one-year contract with the Pilgrims last September, became a free agent yesterday. According to reports in the Swiss media, the 31-year-old is set to link-up with last season's Swiss Cup winners.

Mpenza's short stay at Home Park was plagued by injuries and fitness problems.

He played just nine times for Argyle, including three starts, and scored two goals.

Next term, Mpenza will be expected to score the goals which will help Sion improve on a disappointing eighth-placed finish in the 10-team Super League last season.

For breaking news from this morning's big Press conference at Home Park – visit www.thisisplymouth.co.uk/argyle