Truro City: National League South club taken over by new owners

Truro City returned to Treyew Road in January after groundsharing at Torquay United for the first part of this season

National League South club Truro City have announced that they are to be taken over by new owners.

Contracts have been exchanged on the deal, which will be completed once National League approval is received.

The identities of the new investors have not been revealed.

"This is a positive move for the football club," Peter Masters and Philip Perryman, who took control of the Cornwall-based side in 2012, said in a club statement.

"The new owners are committed to taking the club forward at its current level within the National League."

Truro, who are 17th in England's sixth tier, recently returned to their Treyew Road home after starting the season ground-sharing with Torquay United at Plainmoor.

Construction of the planned Stadium for Cornwall, which would be home to rugby union team Cornish Pirates and Truro City, is yet to start despite planning permission being granted in July 2015.

The project is awaiting £3m of central government money, which will match the contribution from Cornwall Council, and it is hoped work will begin in the next couple of months.