SOUTHEND United boss Ron Martin is offering fans a financial stake in the club - by issuing almost 300,000 shares in a bid to raise £1.7million.

The Blues chairman has promised the fans' cash injection will "build a club of which the town will be rightly proud".

In a letter to supporters on United's mailing list, Mr Martin is offering 296,666 ordinary 25p shares for £6 each - enough to raise just under £1.7m, after expenses.

Fans will be asked to buy them, partly in the hope they will eventually be worth more than the asking price - and partly in order to feel they have a tangible stake in the club.

The money will be reinvested in club facilities and strengthening its squad.

Mr Martin declined to speak to the Echo about the scheme, but talks directly to fans in the letter, which accompanies his glossy full-colour share prospectus brochure.

The letter says: "Since taking day-to-day control of the club in 2002, I have consistently said there would not be an issue of further shares until such time as real benefits could be seen both on and off the pitch.

"Over the past five years, Southend United Football Club has made considerable progress. Throughout this period, the club's business plan has centred around a new stadium which I'm convinced will act as a springboard to take us to the next level and maintain a position in the Champion-ship from which to grow."

A little more than 626,000 ordinary shares in the club have already been issued - with Mr Martin owning more than 76 per cent of these.

Fans and club officials are still eagerly awaiting the Government's decision on a new 22,000-seater stadium. This is now expected in the next few weeks.

A two-week hearing was held in October to examine the club's plans to move from Roots Hall to a new site at Fossetts Farm.

As well as a new stadium and training facilities, the proposals include flats, shops and a hotel.

Southend fans have welcomed the opportunity to buy into their beloved club.

Paul Yeomanson, 46, is on the board of supporters group, the Shrimpers Trust.

He said: "I'm not speaking for the trust, but personally, I think it's a great idea.

"I'll be buying some - not as a way of making money but just to invest in the team.

"I think it's really good for the fans and as a shareholder it will mean you have the chance to attend the annual general meeting and things like that."