The Boulevard, home to the club for the last 125 years, will be retained as a training base and venue for Alliance and Academy matches when the club move into the proposed Community Super Stadium in the city.

"This is a fantastic deal for Hull FC," said chief executive Shane Richardson.

"We cannot lose and I would say it is the best deal the club have done in their history."

The deal will secure Hull's future, just 12 months after they faced the threat of bankruptcy when former owner David Lloyd, the ex-Davis Cup captain, pulled out of the club.

Around �2m in debt, the club's Super League place was rescued by a controversial merger with Gateshead Thunder which released funds of �1.25m.

The proceeds from the sale of the ground to Kingston upon Hull City Council will also enable them to satisfy the remaining creditors.

State-of-the-art sporting venue

"We are now on target to become the only debt-free Super League club by 2001 and that would put us in a sensational position," said Richardson.

"This is an important part of the jigsaw to secure the future of Hull FC.

"The new stadium will be a state-of-the-art sporting venue and will ensure the club will be able to compete commercially with the elite in our sport.