Posh have a rental agreement at London Road which lasts until 2014

The leader of Peterborough City Council says he is hopeful that a deal can be concluded to buy Peterborough United's ground from their current owners.

Posh sold their London Road home to a local property developer in 2003.

But Councillor Marco Cereste told BBC Cambridgeshire: "We have come to what I consider to be an amicable decision.

"Now we're working through all the legals, but it's subject to the full council. They may say 'no Mr Leader you can't do it'."

London Road is currently owned by Peterborough United Holdings Limited, with whom the club have a rental agreement lasting until 2014.

The move would have to be backed by the whole of the council and while a deal, in principle, has been laid out by the two parties, Mr Cereste has not confirmed how much money would be involved.

"I honestly can't talk about the price at the moment," he said. "It's commercially in confidence.

"Once we get the go-ahead from everybody to divulge what the price is I'll be happy to tell everybody."

The Posh Independent Supporters Association launched a campaign earlier this year urging the council to help the club secure a long term home.

But Mr Cereste has made it clear that the deal would not only be for the benefit of the football team

"The plan is to buy the football ground and then turn it into a community facility," he said. "We may be looking at all sorts of things like part of a new school or building facilities for the local community to use.

"In the regeneration of the ground we would turn it into a facility to be used every day instead of just once a fortnight on a Saturday.

"I think that will be a huge bonus for the entire community and the whole city."

The council is set to make its decision in three weeks' time.

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