English League One football club Peterborough United is reportedly set to seal a deal to regain ownership of its stadium, amid ongoing speculation concerning the possible development of a new home elsewhere.

The Peterborough Telegraph newspaper today (Wednesday) reported that the club and Peterborough City Council will sign a stadium purchase heads of agreement on August 17. This agreement will be definitive and will see ownership of Weston Homes Stadium return to United around eight weeks later.

The news comes after United’s owners in October signed a Memorandum of Understanding with the city council over the purchase of the stadium. The negotiations between the two parties were led by Dr. Jason Neale, co-owner of the club, and a formal agreement was expected to be finalised over the following six months.

The 15,300-seat stadium has been United’s home since 1934. In 2003, the club sold the stadium to a property developer, with the council then purchasing the ground for £8m (€8.7m/$9.8m) in 2010.

United has been linked to the development of a new stadium at a riverside location in the city.

Image: Peterborough United