Big hitters behind Argyle are tycoons, super-rich and friends of prime ministers
TYCOONS, the super-rich and friends of prime ministers — the men who have invested in Plymouth Argyle turn out to be from the premier league of the business world.
The names of the 11 'high net worth individuals' who put cash into the firm Mastpoint, which has in turn loaned the football club a seven-figure sum as a second mortgage, have today been revealed; six are pictured below.
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And the list is a stellar cast of powerful, wealthy and well-connected businessmen, including one of Britain's wealthiest men, two of ex-Prime Minister Tony Blair's 'gang of four' close friends, the bosses of major international companies and top bankers.
Collectively they are worth hundreds of millions of pounds.
Plymouth Argyle and the club's executive director Keith Todd have declined to talk about the list.
In effect, many of the men are not directly linked to the club, but they put cash into Mastpoint, a company set up to hold the Argyle shares belonging to Mr Todd, chairman Sir Roy Gardner and others including US businessman Joe Plumeri.
Last week, The Herald revealed how Mastpoint was used as a 'mechanism' to raise cash when the club hit the financial rocks last season.
The firm was used to attract these 'long-term investors' and 'help finance a second mortgage' over Home Park, now owned by a property company.
Mr Todd said the arrangement, set up last December, was necessary because lending terms offered by banks were 'outrageous' and Mastpoint could obtain money more cheaply by borrowing from these men.
The investors include PR guru Roland Rudd, an ex-journalist who sold his public relations firm for £50million.
The Chelsea supporter was one of Tony Blair's 'gang of four' alongside another Mastpoint investor, Russell Chambers.
Dubbed 'Blair's favourite banker', he is the UK head of the Credit Suisse bank, where Sir Roy is a senior advisor.
Another Chelsea supporter, his father played football for Accrington Stanley and Blackpool.
Peter Wood is an insurance tycoon who runs Esure and was the founder of Direct Line and Sheilas' Wheels.
He was named as the 438th richest person in Britain last year with a £120million fortune: yet another Chelsea supporter.
Dr Eddie O'Connor is an engineering expert, who founded the firm Airtricity, later sold for £1.8billion.
Now he is chief executive of Mainstream Renewable Power, which is building a huge windfarm off the Yorkshire coast. Sir Roy sits on that firm's board.
Mastpoint investor Larry Hirst is chairman of computer giant IBM's Europe, Middle East and Africa division.
A former head of IBM in the UK, he started at the firm as a sales trainee in the 1970s.
Donald McGarva heads DHL's logistics operation across Japan, Korea and Philippines where he has masterminded major acquisitions and joint ventures.
Ex-telecoms engineer Rob Lucas is the managing partner of private equity firm CVC Capital Partners, which has just bought the massive Merlin Entertainments Group, owner of the London Eye, Legoland and Alton Towers.
Richard Metcalf is chief risk officer at Swiss UBS Investment Bank. He supports Newcastle United.
Bernard Taylor is co-vice- chairman of US bank Evercore Partners Inc, responsible for Europe. The business news organisation Forbes puts his annual income at US$9million.
Joe Plumeri is a US businessman, chair and CEO of insurance firm Willis Group Holdings, where Sir Roy is a director.
He invested £100,000 in Plymouth Argyle at the end of last year. Forbes says he earns US$10million a year.
David Rowe is chief executive of broadband company Easynet, where Mr Todd is chairman. A computer expert who worked in Japan, teaching English, he supports Argyle.











17 Comments
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by Dave, Devonport
Thursday, July 29 2010, 12:30AM
“Not promising that 2 of them admit to supporting another team...so what are they after?
As for friends of Blair being involved,can people who associate with a slippery,dishonest chancer like that really be trusted?”
by Realist, In work
Wednesday, July 28 2010, 7:56PM
“Come on guys, people moan that there is no investment, in either the ground or players, now we have these proven, well off, self made businessmen who have directly or indirectly pumped money into our club, and yet people still moan! We are not going to be able to attract a Roman Abrahmovic, or a Jack Walker type person, this is our only hope. These men would not risk damaging their reputations by backing our club on a hunch. Fair enough, business is risky, but lets enjoy! God knows where we'd be if they dind't bail us out last year. We'd owe far more than the 2.8million, we wouldn't be getting the ground 'finished' ,have a potential world cup to look forward to, and probably still have Sturrock in charge.
Nuff Said”
by Nik, london
Wednesday, July 28 2010, 7:14PM
“I think this is going to be a step towards administration after 2018 - these sorts of people don't lend out money unless it is a Tax write off Something is setting off a warning bell in my mind”
by Colin, Southampton
Wednesday, July 28 2010, 6:27PM
“Considering the size of Plymouth and the poor support for Argyle who should we be having ago at?.
If they are putting money in for profit good luck to them. If you invest in something you do not expect or want to make a loss. Surely we should be contributing to watching our team and provide revenue for the club. It appears that many of you forget the poor support in Plymouth. I thinking the sleeping giant died along time ago.
Any other entetainment is done for profit and we the punters pay to watch the entertainment. Is that the accepted way or am I wrong?.
If you go to watch a film you pay for it The cinema owners and film makers by their investment look to make a profit.
PAFC like any football club is not like the public sector. It is a business with investors who strive to be successful and profitable. Tell you what let the tax payer pay for our club. I think not!! Therefore I say stop moaning.”
by Fingers Crossed, Plymouth
Wednesday, July 28 2010, 5:09PM
“My biggest concern is we're being told they need a successful football club for the new rebuild to be successful, I'm not sure this rings true.
Is it not possible a loss making Argyle going into administration and subsequently out of business would just clear the way for fortnightly sell-out concerts and whatever other 24/7 activities they have planned for HP?.
Whilst current covenants do sort of protect the stadium being used for sporting purposes, there's very little PCC can do if the current tenants at HP were to go out of business. Given there's nobody within 100+ miles capable of affording to rent the stadium for sports reasons on a regular basis the covenants would be useless and PCC's hand would surely be forced, especially with the Life Centre next door.
This is of course worst case scenario fears. I guess all we can really do is wait and see. Hopefully Argo will go on to prosper or if there is any ill intent, someone will step up before it's all too late.”