Multi-millionaire chairman of Bristol City Steve Lansdown has pledged to put cash towards building the football club’s new stadium after raising £47 million.

Mr Lansdown has sold 23 million shares in his financial services company Hargreaves Lansdown so he can invest in private projects, including the proposed 30,000-seat stadium at Ashton Vale.

He has not revealed how much of the money raised will go towards the new stadium, but said it would not be enough to cover the cost of the entire project.

In investing the money, which the chairman stressed was not a donation, Mr Lansdown hopes to attract other investors to back the stadium development.

The 56-year-old told the Evening Post: “I’m not going to say how much of the money will go into the new stadium – the problem with that is people will start spending the money for me.

Bristol City fans on new stadium plans

“I don’t believe in grand gestures, and I don’t want to be seen in that light. It is good for the city of Bristol where I have been born and bred but I’m not just giving it away. Whether it’s an investment or a loan still needs to be determined, but it won’t be a donation.

“I hope others like Bristol City Council will invest alongside me because if they don’t it (the stadium) won’t happen. I’m interested in this football club, want to take it forward and this is a major step.

“It is a big chunk of my wealth but I wouldn’t do anything that would jeopardise my family or my business.

“I am in a position where I can do something and want to. Actions speak louder than words.”

Mr Lansdown, who revealed that the total cost of the stadium project had not been finalised, said the club needed to look at other ways of generating money to fund the development. He said these could include building a hotel or offices on the stadium site, selling executive boxes at the new ground and securing naming rights for the stadium.

He said it was important the stadium project went ahead to give Bristol the best chance of hosting World Cup matches, should the Football Association’s bid to host the 2018 tournament be successful.

Mr Lansdown hopes work could start as early as next year, if planning permission is granted and funding is in place, and the new venue could be up and ready for the 2012/13 season.

The stadium would replace City’s home of 100 years, Ashton Gate, because its capacity of 21,500 is too small. The 42-acre proposed stadium site borders the David Lloyd fitness centre, the Long Ashton park and ride, Silbury Road and Ashton Drive, south-west of Winterstoke Road and half a mile from City’s existing stadium at Ashton Gate.

On the drawing board alongside the stadium are two possible areas of housing, shops, a rapid bus route, flood balancing pond and “ecology corridor” at the edges.

The club’s stadium plans have been opposed by members of the Ashton Vale Heritage Group, who protested when bulldozers moved onto the field at the proposed stadium site late last year.

Parking and traffic congestion have been the major concerns raised by the protesters.

Robins fans have already given the thumbs-up to the proposed stadium design but the news of Mr Lansdown’s investment have been more cautiously welcomed by a Bristol City supporters group.

Chairman of the supporters trust Stuart Rogers, 44, of Thatcham in Berkshire, said: “We know Steve has to declare this (selling his shares) because of the big sum of money involved.“The football club has yet to fully explain the financing of the new stadium either to the trust or fans at large.

“If this is an indication Steve Lansdown is putting a significant amount of money into the project it should be considered good news.

“But at this stage we don’t know on what basis he will make that money available, be it loans or retained equity.

“I’m sure a lot of fans will be delighted. We welcome it but we welcome it cautiously.”