League chairman Greg Clarke said the decision was taken in order to keep the club alive but they would be keeping a careful watch on the Pilgrims' finances.
The board of the Football League have agreed to transfer Plymouth's share in the league to Green Pilgrim Limited, the company owned by Brent, which brings an end to the club's period in administration.
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. It is important to place on record that his takeover proposals have required a significant leap of faith by the board, which it has agreed to take in order to preserve the future of professional football in Plymouth. In seasons ahead, the League will closely scrutinise the financial affairs of the club to ensure that the promises made to the board are kept."
Clarke also paid tribute to the staff and players at the club.
He added: "For many months they have worked without pay and without any certainty that they would receive money owed to them or even have a job in future. Without their collective resilience there would not be a professional football club in Plymouth today. I would also like to thank Plymouth City Council. By agreeing to purchase Home Park they have ensured that the Pilgrims can continue making an important contribution to people living in the local community. Finally, I would like to thank Plymouth supporters for their patience and continued support of their club. Hopefully, this will be the start of a better future for Plymouth Argyle."
We shall see, getting out of the bottom two would do for now!
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