Plymouth Home Park Could Be Saved
The existence of Plymouth Argyle Football Club could be saved after the council agreed to buy its ground, Home Park.
Plymouth City Council will pay £1.6m for the ground and rent it back to the club for £135,000 a year.
The club went into administration, owing £17m, in March this year – and the club has been in decline ever since.
On 1st September, players reportedly threatened to strike after not being paid; on 6th October the Football League banned the club from signing loan players, and just last week administrators contemplated pulling out of the club after receiving threats.
However, the council’s purchase of Home Park was a proviso of a rescue bid by businessman James Brent, who began talks to take over the club last month.
The move was unanimously approved by the full Conservative-controlled council, and was greeted with cheers from fans that packed out the council chamber for the vote.
The council deal means Argyle would have an option to buy back the ground every five years for a sum equal to 12 times the then annual rent.
The rent would rise by 150% if the club reached the Championship and 300% if it reached the Premier League.
Plymouth currently stand bottom of the Football League.
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