League One football club Peterborough United has signed an agreement with the city council for a Memorandum of Understanding to deliver a new stadium, which could open in time for the 2022-23 season.

The new stadium would form part of a wider city centre development and Peterborough confirmed that the Embankment and other nearby sites are under consideration for the project.

The club’s co-owners Stewart Thompson, Jason Neale and Darragh MacAnthony have spent time looking at stadia in Europe and have spoken to designers and architects as they look to realise long-held ambitions of building a new home for the club.

Thompson said: “We are delighted that we are now in position to announce this MOU, which effectively means that we have identified a site for a new stadium. It was vitally important for us as owners to spend time talking with supporters about our long-term vision for the football club and we listened to views at a fans forum and have engaged with supporters’ groups as well as having discussions on social media.”

Neale added: “We were very excited to be included as part of the City Centre Development Framework. One aspect that was very clear when we spoke to supporters was the desire for a potential new stadium to be in a central location to Peterborough within walking distance of transport links, local attractions and links to the amenities that are being discussed as part of the City Centre Development Framework.”

Councillor John Holdich, leader of Peterborough City Council, said that the club brings in over £7m (€8.3m/$9m) in revenue to the city each year, stating that a new stadium “would only increase the benefits” for the city and residents.

Holdich added: “Our shared vision is to create a stadium that is suitable for the football club in the 21st century, supporting its aspiration to play at a higher level, and will benefit the city as a whole and support our ambitions for growth. Peterborough needs a stadium that can be used for conferences, concerts, exhibitions and events, which in turn will attract new business, tourism and investment to the city.”

Peterborough currently plays at London Road, which has a capacity of 15,314. Last year, the club agreed a naming-rights deal for the stadium with Weston Homes. The 10-year deal is worth £2m and renamed the ground as the Weston Homes Stadium.

The capacity of the planned new stadium has not been revealed but the club has long held plans to move into a ground that can seat 20,000 fans.

Image: Peterborough United