Contractor of the new Plough Lane stadium agrees to extend deadline for funding from end of January to end of February. But fate of the project remains uncertain.
Buckingham Group, company responsible for building the main stand of future Plough Lane stadium, has agreed to extend the deadline previously agreed with AFC Wimbledon. Initially the football club were supposed to secure and transfer additional £11 million by the end of January, now the Dons have until February 29 to deliver.
The amount is significantly beyond the team's financial capacity, which has caused fears of what would happen to Wimbledon should it not be secured. Cost overruns were caused by numerous factors and forced the supporter-owned club to face some tough questions.
Even with the extra month it seems unlikely AFC Wimbledon would generate the amount on their own. A way out would be to deliver the grandstand and field with bare minimum of facilities. This scenario was initially thought to cost only £1 million rather than £11m.
However, it has since been revealed that it would be significantly more than that. AFC Wimbledon remain in talks with Buckingham over what could be delivered at specific prices.
Another option is to let external investors into the club. Three Wimbledon-based businessmen have pledged to participate in the project but each would expect 10% of shares for contribution of £2.5 million. This however stands in contrast with principle of the club, which was reborn specifically to be managed by supporters, not outside investors.
Additional options would include bonds or debentures. But increasing debt might make it hard to operate the club in the long term.