Coleraine have released details of the Showgrounds Regeneration Community Trust.
The Trust has been launched in a bid to raise funds to regenerate the pitch, grandstands and surrounding areas at Ballycastle Road venue.
The club wants to install a 4G pitch, a 5,000 capacity stadium, as well as a community hub for local groups, sports clubs and primary schools.
The stadium improvements are expected to take between 3-7 years to complete but the club has indicated that it wishes to install a 4G surface for the start of next season.
The cost for a synthetic surface is in the region of £450,000 to £480,000 for a FIFA standard pitch, with a £100,000 deposit needed to be paid before January if the club wishes to proceed.
Coleraine provided a Regeneration update hosted by General Manager Stevie McCann.
The total cost for the whole project would be in the region of £6 million, but noted that the club have appointed experts in obtaining grants for such projects from DCAL, Council, Peace IV, etc.
The Showgrounds Regeneration Community Trust will comprise of four directors and will be responsible for driving the project forward and sourcing finances.
"It is expected that two of the four directors will be current Board of Directors at the football club, but the day-to-day running of the club will be kept separate from the Trust," Coleraine said in a statement on their website.
"Stevie reinforced the point that it is the Trust’s long-term aim to achieve charity status.
"A bank account has already been set-up for fans and Supporters’ Clubs to contribute to, with this money being kept solely for regeneration purposes."
The club plans to raise initial funds by inviting supporters to become Patrons of the Trust.
"There would be a maximum of 10 founding patrons, who all pay £10,000 each, which offers life-time membership at the club, access to Club 1927 lounge, name(s) on entrance to the club and preference to all club games and events," the statement added.
"This will help raise £100,000 and there has already been interested parties in becoming a founding patron.
"To become a patron, there is other categories available:
- Platinum – 10 patrons at £5,000
- Gold – 125 patrons at £1,000
- Silver – 125 patrons at £500
- Bronze – 250 patrons at £250
- Bannsider – 500 at £100
"The total amount if these are all taken is £437,500."
A Fundraising Committee is to be set up in the coming weeks, with the club working closely with supporters’ clubs to get them involved.
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