Peterborough United new stadium 'could be built by 2023'
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.
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".
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."