Yeovil Town Football Club given more time to buy back stadium from council
South Somerset District Council purchased the freehold of Huish Park and the surrounding land in May 2022 for around £2.8m
Yeovil Town Football Club will be given a further two years to try and buy back its stadium and the surrounding land from Somerset taxpayers.
South Somerset District Council purchased the freehold of Huish Park and the surrounding land in May 2022 for around £2.8m to “ease financial pressures on the club” following the coronavirus pandemic and to “benefit communities across the district”.
The club has been renting the ground ever since, with the option to buy it back originally being set to expire on May 17, 2026.
But Somerset Council (which replaced the district council in April 2023) has now extend this ‘buyback option period’ for a further two years, giving the club until May 2028 to purchase the stadium and surrounding land.
Councillor Mike Rigby, portfolio holder for economic development, planning and assets, told the council’s executive committee in Taunton on Monday (September 8) that extending this period would make it much easier for the club to secure long-term investment.
He said: “The ground is currently leased back to the club, as part of an effort undertaken in 2022 by the district council to help the club out of its financial difficulties at the time.
“The club now has some new, very ambitious owners whom I’ve spent some time with over the last four or five weeks.
“They want to extend the deadline for two years – that was a conversation that was already under way between the council and the previous owner.
“We’d agreed to do that, and I see no reason why we shouldn’t extend that opportunity to the new owners.
“They’re keen to buy the site back, but there are putting together a bigger plan for what comes next and it may take them a little time, certainly beyond May, before they are ready to make that transaction.”
The council has been seeking in recent months to sell a lot of its commercial investments and surplus land and property, in order to balance its books in the face of rising demand and costs for both children’s services and adult social care.
The club currently pays the council £229,130 a year in rent for Huish Park, which is index-linked (meaning it will rise with inflation as the buyback period continues).
Despite owning the land, the council has no influence in the club’s decision-making or governance, and holds no shares in the club (with any shares owned being owned by individual councillors being declared on the official register of interests).
Mr Rigby confirmed: “Our asset is secure, and we don’t have any say in the running of the club.
“I am quite comfortable with the revenue it is currently generating.”
Councillor Sarah Wakefield, portfolio holder for adults’ services, housing and homelessness, said: “It sounds a good plan to me, if they are planning to buy it.
“If they came up with the money, we’d probably end up selling it to them.”
Councillor Val Keitch, assistant portfolio holder for localities and public health, was leader of the district council when the discussion was made to purchase the freehold – and was until recently a season ticket holder at the club.
She said: “As this is a fairly new owner, one is assuming that he Prabhu Srinivasan or his group did their due diligence and were well aware of the buyback clause and the May 2026 expiry take.
“I’m just a little bit anxious as to why they now want a further extension.
“Having been involved with this since day one, I think you will understand my nervousness about this.
“I don’t think this is quite as straightforward as it appears on paper.”
Mr Rigby responded: “I don’t think there’s anything to worry about this.
“I know from all the fans’ perspective, they very much want this transaction to be completed, and I think we want that to happen.
“But what I don’t want to do is to rush the new owners into having to make early decisions.
“I think they’ve got some pretty chunky ambitions for the club – it looks very ambitious to me – and I’m not nervous about them following through on that.”
The committee backed the extension after around 15 minutes’ debate.
Speaking after the meeting, Mr Rigby added: “This is a positive outcome from recent discussions with the new owners.
“Yeovil Town FC is the only professional football club in Somerset and it makes a significant contribution to both the local economy and more widely in terms of community, education and local civic pride.
“A successful future for Yeovil Town FC supports our priorities through the promotion of sport and healthier lifestyles within the community at all ages through the football club’s strong community and education links.
“It also adds to opportunities in the area for our residents through the economic benefits a successful professional club provides, while a future capital receipt will reduce our capital financing requirement.”
Yeovil Town FC owner and chairman Prabhu Srinivasan told the BBC following the decision: “From the outset we have been clear with supporters that our aim is to buy back Huish Park Stadium and reunite it with the football club.
“Together, we are committed to creating a brighter future for both Yeovil Town FC and Somerset, built around sustainability and our ambitious plans for the club and the community.”