Peterborough United new stadium 'could be built by 2023'

London Road has been home to Peterborough United for 86 years

The owners of Peterborough United have kicked off plans to build a new stadium in the city within three years.

The club - nicknamed The Posh - has reached agreement with the city council to find suitable land for a new ground in time for the 2022-23 season.

London Road has been home to the League One side since the club was formed in 1934.

Co-owner Darragh MacAnthony said: "We are very excited about what happens next."

The current ground, renamed the Weston Homes Stadium in June 2019 after a 10-year sponsorship deal, holds a capacity of 15,314.

A new 20,000 all-seater stadium has been a long-term aim of the club for several years.

Owners Mr MacAnthony, Stewart Thompson and Jason Neale have researched stadiums in Europe, with discussions under way with potential designers and architects, a spokesman said.

Peterborough United is to move from London Road within three years

A so-called "memorandum of understanding" has been agreed with Peterborough City Council, with sites including the city's Embankment being considered for the new ground.

"We have identified a site for a new stadium," Mr Thompson said.

"It was vitally important for us as owners to spend time talking with supporters about our long-term vision for the football club."

Mr Neale said supporters wanted the new ground "to be in a central location... within walking distance of transport links and local attractions".

Darragh MacAnthony became Peterborough chairman in September 2006 and took ownership the following year

John Holdich, leader of Peterborough City Council, said the club generated £7m for the local economy every year, and a new stadium "will be welcome news to fans".

"Our shared vision is to create a stadium that is suitable for the football club in the 21st Century, supporting its aspiration to play at a higher level, and will benefit the city as a whole," he said.

"Peterborough needs a stadium that can be used for conferences, concerts, exhibitions and events, which in turn will attract new business, tourism and investment to the city."