Somerset Council has confirmed a two-year extension to the exclusivity period which Yeovil Town’s owners have to buy-back land at Huish Park.
The option which is held by Yeovil Town Holdings Limited, the business bought by owner Prabhu Srinivasan from former owner Martin Hellier in a deal last May, had been due to expire next May and will now run until 17 May 2028.
In a statement issued on Monday, the council confirmed that the club is now paying £229,130 per year after an “indexed rent review” in May saw it leap from the original £195,000 per year rate.
Responding to the decision, Mr Srinivasan said: “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. The process is complex and takes time, and we are grateful to Somerset County Council for affording us the opportunity to develop our plans with stakeholders, partners, and the local authority so that this becomes a truly meaningful endeavour for both the club and the wider community.
“Together, we are committed to creating a brighter future for both Yeovil Town Football Club and Somerset, built around sustainability and our ambitious plans for the club and the community. There is so much more to come, and having Somerset County Council as a key partner is hugely important to us. The extension of this buyback is a clear testament to the united and positive way in which our partnership has begun and how we wish to move forward.”
Councillor Mike Rigby, the council’s Lead Member for Economic Development Planning and Assets, said: “This is a positive outcome from recent discussions with the new owners. YTFC 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 Football Club supports Somerset Council’s 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.”
The statement also revealed the buy-back price for Huish Park and surrounding land stands at £2.789m.
The council, seemingly keen to make tax-payers know they are not using public funds to invest in football clubs, concluded the statement saying: “This decision, as before, does not mean Somerset Council either owns or is a shareholder in the football club, nor is it involved in any decision-making at the club. It means Yeovil Football and Athletic Club Limited and Yeovil Town Holdings Limited is a tenant of Somerset Council.“
So we quite clearly won’t be owning the stadium ‘soon’. Which begs the question as to why they used that narrative recently, I think some clarification is in order…
I think its more to giving them some ‘breathing space’ with the negotiations of the buy back. Theres no panic decisions that may not work in their/our favour in the long run, and stops another party getting involved and making it more complex. In short I don’t think its going to delay the buy back
Perhaps there are also a few unforeseen or at least less expected expenses? Paying out the old manager contract (even it wasn’t the full balance), hiring a new manager and dare I hope for additions to the squad?! I’ve no idea what a National League manager gets paid, or for that matter what players get paid but together X+Y+Z adds up.
So possibly another three years of paying at least £229,130 in rent per year. Surely it would make more sense to just buy back the land instead of paying the high interest rate and an increasing buy-back cost – from £1.71m to £2.789m in just 3 years. In 2028, it could be £3.8m!