The rescue of Plymouth Argyle by locally based businessman James Brent moved a step closer yesterday after the cabinet of Plymouth City Council agreed to buy the club’s ground at Home Park and lease it back to them. Mr Brent had made such a deal a condition of his takeover going ahead.
The rescue of Plymouth Argyle by locally based businessman James Brent moved a step closer yesterday after the cabinet of Plymouth City Council agreed to buy the club’s ground at Home Park and lease it back to them. Mr Brent had made such a deal a condition of his takeover going ahead.
The City Council sold the ground to the club for £2.7m in 2006, but now they have paid £1.6m to buy it back. The club will pay £135,000 in ground rent, an amount that would increase if they were promoted to the Championship or the Premier League. They will have an option to buy back the ground every five years in the 30-year lease at 12 times the annual rent. If this happened while they were in League 1 or 2 the Council would get its money back plus £20k (but with no adjustment for inflation).
In these straitened times for local authorities, £1.6m is quite a lot of money to find but the Council emphasised the economic and other benefits the club brings to the city.