Peterborough Council have purchased Peterborough Football Club's London Road ground for around £8.0M. The deal was announced on Saturday by Council leader Marco Cereste.
"Other towns and cities with lower league football clubs such as Reading, Coventry, Colchester and Preston have seen real benefits to their economies through the creation of new community stadium facilities," said Cereste as reported by the Evening Telegraph.
Colin Hill, consultant for Posh, said: "I am delighted the deal has now gone through and believe this shows Peterborough has a real forward-thinking council prepared to make major investments to secure the future of the football club and enable the re-development of the South Bank to move a step closer."
Darragh MacAnthony, chairman of Peterborough United, said: "This is a fantastic move by Peterborough City Council to help secure the future of football in the city and support our club which has a reach into the community that goes far beyond just Posh's devoted fans.
"We really support the vision for a community stadium and are keen to work very closely with the city council to ensure we have a first class stadium fit for our championship football club and other facilities from which the whole community can enjoy and benefit. We have the opportunity here to really put Peterborough on the map."
Peterborough are currently bottom of the Championship.
Text at top (next game etc)
Next Game: Away At Alfreton On Saturday 5th October at 3.00pm