Stevenage: Fans to help fund League Two club's new North Stand
Last updated on .From the section Football
League Two club Stevenage are asking supporters to help fund the development of the North Stand.
Boro already have planning permission and are in talks with architects about converting the terraced section of the stadium into a 1,600-seater stand.
The club have a Football Foundation grant of £450,000, but need a further £500,000 in order to start the work.
They are now asking fans to contribute to a "mini-bond", which will earn interest on a six-month basis.
Stevenage manager Darren Sarll said: "When you drive past the ground on the North Stand side you kind of get a snippet of us in non-league. We have to embed this as a Football League club. The North Stand is the last part.
"This really is about us as a town, us as a football club, supporters and everyone involved with the club standing shoulder to shoulder and moving forward in the next decade."
The club have set a minimum contribution of £500 and a cap of £25,000 which will then be paid back back in full after a five-year period, with 15 September the closing date for applications.
It is hoped the new stand, which has been in the pipeline for the past six years, will be open for the start of the 2018-19 season if the bond scheme is successful.
Chairman Phil Wallace said: "It's effectively a loan to the football club which will attract interest at the rate of 4% per year, or fans can opt to double that rate and take an 8% credit.
"It really is us putting two fingers up at everybody else and saying 'OK, we've got two options: one we don't do it and leave it as it is forever'' or two, stand shoulder to shoulder, raise the money and do it'."
