English National League South football club Truro City and Championship rugby union team Cornish Pirates have agreed a deal to share a new stadium that will be built near Truro in Cornwall.

Work on the 6,000-capacity venue is due to start this summer ahead of a planned opening in time for the 2019-20 season. The project is expected to cost £10m (€11.8m/$12.5m).

According to the BBC, Truro has agreed to joint-fund work with the Pirates and Truro & Penwith College.

The Pirates will continue to play home games at Mennaye Field until the new venue opens, while City will began next season at Treyew Road, ahead of a potential groundshare with Bodmin Town.

“The joint agreement will enable the strong prospect of a stadium to finally be built,” the two clubs said in a joint statement. “The community stadium will rival other similar venues currently found throughout the country.”

Confirmation of the new groundshare comes after City dropped plans to build its own stadium at Silver Bow after the developers said the project was “no longer financially viable”.

Truro chairman Peter Masters said: “Whilst (vice-chairman) Philip Perryman and I are disappointed that Silver Bow will now not go ahead, we are delighted to have taken a further step towards securing the club’s future in National League South, after so many months of uncertainty.”