Truro City chairman Peter Masters could step down as club seek new investment

Peter Masters took over in 2012 after former owner Kevin Heaney went bankrupt

Truro City chairman Peter Masters says he could sell his stake in the National League South club.

The businessman and partner Philip Perryman bought the White Tigers in 2012 after it almost went bust.

This season has been their best ever, playing a first FA Cup first round tie and being near the top of the league.

Perryman is stepping down at the end of the season as the club searches for a temporary home before the new Stadium for Cornwall is built.

The club have sold their Treyew Road ground to developers who want to build a supermarket on the site - with City opening talks to share with Torquay United should they win promotion to the National League.

"The club is now starting the process of looking for a co-investor to come in alongside myself or, alternatively, for someone to come in and take control completely in order to take the club on to the next level," Masters said in a statement.

"Obviously anyone considering a venture such as this will need to meet certain requirements of the Football Association and be of a sound financial footing given the considerable annual investment a club such as this requires."