Peterborough City Council (PCC) has approved plans for the £8m acquisition of a freehold interest in land surrounding and including London Road stadium - home of Peterborough United Football Club (PUFC).

Councillors overwhelmingly voted in favour of the proposals at a special meeting on 21 December, which will see the council move forward with efforts to secure a deal with current landowner, Peterborough United Holdings Ltd (PUHL). PCC is seeking to acquire the site as part of a project to redevelop the city's South Bank area, although the stadium will continue to be leased to PUFC to allow the Coca-Cola Championship side to continue playing at the venue.

Ahead of the meeting, PCC leader Marco Cereste said: "Peterborough currently does not make the most of riverside areas and the acquisition of this land would allow us to make real strides forward in creating a new riverside quarter which could potentially include leisure, educational, business, residential development and community facilities to benefit all our residents. "Other towns and cities with lower league football clubs - such as Reading, Coventry, Colchester and Preston - have seen real benefits to their economies through the creation of new community stadium facilities and by purchasing this land Peterborough has the opportunity to kick start the city's regeneration."