Darragh MacAnthony has invested millions into Peterborough United

Peterborough United chairman Darragh MacAnthony has reassured the club's supporters that plans for a new stadium are progressing well.

The Championship club currently pay £280,000 to rent their London Road home every season.

MacAnthony told BBC Radio Cambridgeshire: "It's very frustrating for everybody, but stay positive.

"The council is right behind it, there will be some good news soon. It will be a centrepiece in Peterborough."

He deserved a new deal and he got a new deal Darragh MacAnthony on the future of manager Darren Ferguson

Posh have been working hard on a number of potential locations for a new 25,000 all-seater stadium.

MacAnthony confirmed the club can continue to rent London Road until 2014, but intend to be on the move before then.

Meanwhile, the Posh chairman says there was never any doubt over the future of manager Darren Ferguson, who signed a new four-year contract earlier this month.

"He wanted a new deal, he deserved a new deal and he got a new deal and so did his staff. I have a great relationship with all of them," McAnthony said.

"They're not just employees, they're friends of mine, but it was important they got some credit for what they achieved."

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