Bristol City chairman Lansdown invests another £2.3million in the club

In a week which has seen many people fearing for their savings, Bristol City chairman Steve Lansdown has invested more of his own money in the club he is aiming to nurture towards the Premier League.

The financier, who founded Hargreaves Lansdown with business partner Peter Hargreaves, has put a further £2.3 million into the club. According to documents registered with Companies House this week, Lansdown has bought 1.15m shares in Bristol City Holdings Limited, the parent company of Bristol City Football Club.

Vice-chairman Keith Dawe has also invested £200,000 for an increase in his shareholding.

Lansdown declined to comment on the specific use of the money, although a club spokesman said yesterday: "Steve Lansdown and Keith Dawe have put money into the club regularly over the years and will continue to do so."

Lansdown, listed by the Sunday Times Rich List 2008 as the sixth richest person in the West of England with an estimated fortune of £338m, has always played down his role in financing the club.

The City chairman backed manager Gary Johnson in the close season with the purchase of the highly rated Nicky Maynard following the club's play-off final defeat to Hull City in their first season back in the Championship.

City's chairman has revealed in Q & A sessions with fans that the club's wage bill has risen from £2.5m a year to £6m a year since promotion to the Championship.

And the businessman told the Financial Times in February this year the club's turnover for their first season back in the Championship would be about £8m – before the trip to Wembley.

The latest accounts filed at Companies House show the club sustained nearly a million pound loss in the year up to May 31, 2007 and the reports of their auditors Deloitte & Touche make it clear the club runs on the financial promise of its board. According to Ben Sulaiman of leading lawyers Lovells, the allotment of shares is one of two main ways for a football club to raise money. The other is through taking out loans.