Plymouth Argyle Football Company have announced plans to sell Home Park to their holding company in an effort to raise funds after posting a £2.8m loss.

The club have attributed the loss to an unsustainable wage bill, coupled with a drop in attendances.

Plymouth are proposing the sale of the ground to a new property company which is wholly owned by Plymouth Argyle Football Company Holdings Limited.

Home Park was independently valued as being worth £7.5m in February.

The club are also planning to offer 90,000 shares to existing shareholders at £22.22 per share, the total sum of which would be just shy of £2m.

By selling Home Park and issuing shares, the club are hoping to reduce some of the debt incurred during the financial year to 31 May 2009, which ended with a loss of £2.8m.

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In a statement, a club spokesman said: "The trading position of Plymouth Argyle Football Club continues to be challenging, with revenues from gate receipts lower than planned and the cost-base higher as PAFC has not been able to transfer players that are required for the core squad.

"The board believes that these measures will significantly improve PAFC's balance-sheet by reducing its level of debt and will facilitate the partial reduction of its operating costs."

Plymouth Argyle were placed under a transfer embargo by the Football League in December for unpaid debts.

The embargo was removed in January after the debts were settled.

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