The ‘Posh bond’ was launched earlier this month after a consulation with fans suggested there would be sufficient interest for it to raise upwards of £1.5 million.
Posh attracted around 1,350 would-be investors ahead of the pre-resgistration deadline of last Sunday night. The aim is raise cash to improve the facilities at the Weston Homes Stadium, most immediately the construction of a safe standing area at the London Road End terrace part of the ground and then a swish sports bar. On top of that if sufficient money is raised some will go to towards developing the new proposed new stadium in the city.
Those who pre-registered will have exclusive sight of the official bond document and first opportunity to invest in the scheme with applications accepted on a first-come-first-served basis.
A minimum investment of £500 is required with multiples of £500 then accepted. If all who pre-registered committed to the minimum investment that would immediately raise £675,000.
The investment is for a five year period with a healthy interest rate paid annually and a bonus paid should Posh reach the Championship in that time.
Posh chairman Darragh MacAnthony said: “It’s been brilliantly received so a big thank you to all who engaged, and not just Posh fans.
"It’s the fans’ chance to help us improve our facilities, which will help them as well. They’ll enjoy the facilities we’re going to spend the money on.
“It’s also a way for us to be closer to our supporters and we knew from the early marketing that there was a big appetite for this. It’s a chance for a fan to make 9% on their money every year for 5 years, and a 15% bonus with promotion to the Championship.
“The beauty about what we’re doing is, for years – like all clubs – we’ve paid interest and factoring fees and all the rest. We’ve paid out a lot of money to different big companies. I’d rather our fans make some money from lending to us than always paying interest to these companies. It’s great that this gives them an opportunity to grow their money while showing their support.”
Funds raised over the initial target of £1.5million will be allocated to the first phase of work towards a new stadium for the city, namely the architectural, surveying and engineering work required to submit a formal planning application.