Peterborough city councillors will discuss the possibility of buying the Peterborough United football ground and surrounding land on the city's South Bank at a special meeting of the full council meeting held on Monday 21 December 2009.

Peterborough City Council leader councillor Marco Cereste will be asking full council to authorise the purchase of the land which is a strategic site on the South Bank to allow the city to move forward with its regeneration of the area. The council will also be asked to agree to lease the remainder of the land to Peterborough United.

The site is currently owned by Peterborough United Holdings Limited (PUHL) which leases part of the land to Peterborough United Football Club . PUHL has agreed to sell its freehold interest in the land for £8 million – which represents a considerable discount on the original asking price.

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Councillor Cereste said: "This land is a key piece in the jigsaw which will enable the future development and regeneration of the South Bank area of the city.

"Peterborough currently does not make the most of riverside areas and the acquisition of this land would allow us to make real strides forward in creating a new riverside quarter which could potentially include leisure, educational, business, residential development and community facilities to benefit all our residents.

"Our own sports strategy points to the need for improved and extended sports and community facilities in Peterborough to meet the needs of our growing population. If we move forward with these proposals we would be working very closely with Peterborough United Football Club to develop one of the best community stadiums in the country.

"The cost of acquiring the site including stamp duty and legal fees is £8.65 million and it is proposed that the council borrows this. Two thirds of the revenue costs we would face as a result of this would be met through the rental income generated from the site.

"However the social and economic benefits that a first class community stadium could bring to this city would be substantial and could help Peterborough build a reputation as the most forward-thinking city in this region."

(CD/BMcC)