Plymouth to sell Home Park ground

Championship strugglers Plymouth Argyle have announced plans to sell Home Park and issue nearly £2m worth of shares after revealing losses of £2.8m.

In a statement, a club spokesman said: "The trading position of Plymouth Argyle Football Club continues to be challenging, with revenues from gate receipts lower than planned and the cost-base higher as PAFC has not been able to transfer players that are required for the core squad.

"The board believes that these measures will significantly improve PAFC's balance-sheet by reducing its level of debt and will facilitate the partial reduction of its operating costs."

The club plan to sell Home Park to a new property company which is wholly owned by Plymouth Argyle Football Company Holdings Limited.

Home Park was independently valued as being worth £7.5m in February with the club are also planning to offer 90,000 shares to existing shareholders at £22.22 per share in a bid to raise funds.