Supporters who want to take over The Plough, at Sandygate opposite Hallam FC, the world’s oldest football ground, are launching a community share issue in an attempt to raise at least £120,000.
Originally, the Save The Plough group believed they would have to collect a much bigger amount to purchase the freehold of the pub, which has been put on the market for £550,000 by Enterprise Inns.
However, a private investor has offered to buy the pub and lease it back to the community for a minimum of 10 years.
The Plough is registered with the council as an ‘asset of community value’, affording it some protection against being knocked down or converted. Enterprise’s decision to sell triggered a six-month moratorium giving supporters the chance to put together a bid to make a purchase.
In January Sheffield councillors rejected an application to turn the pub into a Sainsbury’s convenience store.
Peter Duff, chairman of Save The Plough, said: “Our vision for the pub remains the same - to reopen The Plough as both a traditional local pub and a community asset, offering a wide range of community facilities and activities for local people.”
He said a consultant had valued the pub as being worth £435,000 - much less than Enterprise’s sum.
“There are negotiations to be had,” Mr Duff added.
A public meeting about the share offer is happening on Thursday from 7pm at St Columba’s Church Hall on Manchester Road, Crosspool.