Last updated on .From the section Football

Plymouth have formally exited administration following their takeover by businessman James Brent.

Brent's Akkeron Group reached an agreement with administrators over fees owed to them on Friday.

Football League Chairman, Greg Clarke, said: "I would like to welcome James Brent to The Football League and thank him for the efforts he has made to help save Plymouth Argyle Football Club."

Brent said: "There's a huge amount to be done to rebuild the club."

He told BBC South West: "The first focus is to pay the staff their first full month's wages for a very long time.

"Then it's trying to rebuild performances on the pitch and the financial position of the club."

quote This is the greatest day in the club's history and the most important

And Brent says he will help fund a resurgence in the club's fortunes.

"We have the financial power to do it, but we've been very open that we would like like-minded people to join us.

"What I won't do is part with control of the club until it's properly stabilised," he added.

Argyle have been in financial difficulties for almost a year and formally went into administration in March.

Since then acting chairman Peter Ridsdale has been trying to find a buyer for the club, who are bottom of the Football League.

"I'm pleased for all the staff and players who have been living on a knife edge for so long," said Ridsdale.

"It's very comforting as a city of this size needs a professional football club. I think the staff are still taking it in.

"It's been a long time coming and it's not something you can take on board that easily after such a long time but everyone is very happy."

Ridsdale has been confirmed as the chairman of football at Argyle under Brent's regime after assisting at the club since last season.

THE PLYMOUTH ARGYLE SAGA 4 March 2011 - directors appoint P&A Partnership as administrators

14 March - confirmation of "a number of offers" for the club

6 May - creditors agree deal to reduce the club's debt

5 July - deal with Bishop International consortium announced

12 July - squad accept deferral of wages for eighth successive month

13 July - talks begin with Football League about proposed takeover

4 August - administrators urge consortium to submit funds for wages in time for start of season on 6 August

5 August - administrators announce deal will be done "next week"

10 August - administrators take Bishop International to court in failed bid to secure cash for wages

26 August - administrator approves takeover

1 September - players threaten to go on strike after not being paid

8 September - Football League defers decision on Bishop International bid

15 September - players defer wages for 11 days

28 September - James Brent agrees takeover of Plymouth

6 October - Football League bans Argyle from signing loan players

11 October - PFA agrees to wage repayment deal

13 October - James Brent meets the Football League

14 October - administrators threaten to pull out after receiving threats

18 October - Council agrees deal to buy Home Park for £1.6m

28 October - James Brent takeover approved

Under Brent's deal Plymouth City Council will buy Home Park stadium for £1.6m from Brent, who will use the money to help fund the club.

Argyle's takeover has been a protracted affair, with Bishop International, a Gibraltar-based consortium fronted by Truro City chairman Kevin Heaney, the front runners to buy the club for a number of months.

But BIL failed to complete their takeover during a period of exclusivity they had, leading to other bidders being given the chance to come in.

Brent, who had wanted to take the club over since the summer, was the fans' preferred bidder and took the front seat once his plan to sell Home Park to Plymouth City Council was approved.

He and his team have spent much of the past fortnight trying to get every person owed money by Argyle to sign up a repayment deal.

Plymouth have won just two games all season and are five points adrift of safety at the bottom of League Two.

The club sacked manager Peter Reid last month and installed captain Carl Fletcher as caretaker manager.

"This is the greatest day in the club's history and the most important in the club's history in my point of view," said Plymouth Argyle Fans Trust chairman Chris Webb after news of the agreement was confirmed on Friday.

"Everything that the staff, players, and supporters have sacrificed has been made worthwhile.

"We want to see this as a new dawn for Argyle with fans coming back through the gates and local businesses re-investing commercially."

And Webb hoped that the club's supporters would be able to back the side as they concentrate on getting off the bottom of the Football League.

"We need to make sure that all our passion from the past few months off the pitch is put into our support on the terraces for the team on the pitch to try and keep us in League Two," he added.