English League Two football club Plymouth Argyle has said that it is considering buying its Home Park stadium back from the local city council for approximately £1.7m (€2m/$2.3m).
The club brokered an agreement with Plymouth City Council in 2011 after coming out of administration to ensure that the stadium would remain in use as a sports facility. Argyle, which competes in England’s fourth tier, currently pays £135,000 per year to rent the stadium from the council.
At a recent meeting of the Argyle board of directors, the club said it had “unanimously agreed” that the buy-back of Home Park is in the team’s best interest and will look to pursue the move. The club added in a statement that the buy-back would be funded through the issues of new shares to existing shareholders.
In addition, the club responded to the concerns put forward by supporter groups as to the impact that such a move could have on overall finances, allaying fears that it would have a detrimental effect on the club.
“The board appreciates that some supporters have reservations about the buy-back of the stadium and believes that some of these reservations have come about because a lack of information regarding the club’s plans, which the board seeks to address in this statement and going forward,” Argyle said.
“However, to the board’s understanding, no supporters’ group has come out against the buy-back. Indeed, an independent survey this summer of more than 1,100 fans, supported by the Argyle Fans’ Trust, showed a majority of fans that responded supported the buy-back and less than a third supported continued public ownership.”
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