Football Finance News | Football Technology and Stadia
Plymouth Argyle have unveiled plans to sell their Home Park stadium in an effort to stabilise the club's finances.
The struggling south coast club revealed a loss of £2.8 million in their latest financial results this week, despite the side retaining their Championship status for the sixth successive season.
In a statement, the club blamed lower than estimated gate receipts and a large wage bill for this disappointing financial performance.
Plymouth Argyle's board of directors plan to sell Home Park to a property company wholly owned by the club.
It is hoped that the sale of the ground will raise £7.5 million, which the directors claim will fund further redevelopment of the stadium itself.
However, former director Peter Jones voiced his concerns about the plan to the Western Morning News, saying: "I do worry about a football club being beholden to a property company."
In addition, the board has proposed to sell an extra 90,000 shares to existing shareholders in a bid to raise a further £2 million.
Written by Tom Jenkins
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21 October 2010
21 October 2010
21 October 2010
20 October 2010
20 October 2010
