Less than a month after launching its equity crowdfunding campaign on Seedrs, Kingston’s professional football club AFC Wimbledon has successfully secured its initial £2 million funding target from more than 3,600 investors. The initiative made its debut with a mission to raise the funds for the team’s new stadium on Plough Lane.
As previously reported, AFC Wimbledon is a continuation of the former Wimbledon Football Club, which no longer exists after the franchising of its league place to Milton Keynes. The team won the FA Cup in 1988 and notably rose “from the dead” in 2002. Now it is looking to come back home to Plough Lane.
“Just 17 years ago, all seemed lost. Wimbledon’s football club, which had represented its community since 1889, was moved lock, stock, barrel and league place to Milton Keynes. But the supporters reformed as a fan-owned club in the ninth tier of English football. In 13 seasons they have been promoted six times and never relegated. But there remained one goal that kept driving the supporters. They wanted to go home. Back to the community where they belonged. Back to Plough Lane.”
Speaking about the complete break down of what the funds will be used for, the organization revealed:
“Expected to be designed & built by two of the leading venue construction companies, the new stadium has the potential to increase commercial revenues for the reasons seen above. We believe that this will help enable the Club to continue to be sustainable as a business. Initially expected to open with 9,000 capacity, it can eventually expand to 20,000 by replacing semi-permanent stands with larger, permanent structures. The main West Stand is planned to have four tiers with media facilities, camera gantries & 12 glass-fronted executive boxes. The players’ tunnel will lead out from the centre of the stand, with the technical areas on either side.”
The team is currently offering 7.67% in equity at a £24,071,520 pre-money valuation.
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