Plans for a new community stadium in Wycombe, Buckinghamshire, have moved forward after the three parties involved with the project signed a 'collaboration agreement'.

Wycombe Wanderers Football Club (WWFC), London Wasps rugby union team and Wycombe District Council (WDC) will now consider a number of potential sites for the development. A new stadium and associated sports and leisure facilities are set to be built as part of the proposals, with viability and suitability studies expected to take 12 months to complete.

A new vehicle - Wycombe Sports Developments Limited (WSDL) - has been created in order to press ahead with the stadium plans, which will replace the town's existing Adams Park ground. Both WDC and WDSL will both invest up to £250,000 to fund work to investigate the plans, which aim to expand the clubs' commercial opportunities and increase revenue streams.

WDC leader Lesley Clarke said: "This is about taking an important and sensible step to see how aspirations for a new stadium and community sports facilities can be delivered." Wasps and WWFC owner Steve Hayes said: "Wycombe Wanderers and Wasps are outstanding clubs and we want to give them every chance of success. That means developing what we do both on and off the pitch, improving the infrastructure at the Clubs and building a sustainable future in Wycombe."

Public consultations are due to be held at various stages of the stadium scheme, with the first planned for autumn 2010, with a decision on whether to proceed with the proposals pencilled in for June 2011.