Peterborough United co-owner Stewart Thompson has issued a short update to the club website with regards to the proposed new stadium.

“We have been keen to update supporters regarding developments in our pursuit for a new stadium as we are acutely aware there is much interest in this particular project. As we are sure fans can appreciate, recent months have provided numerous challenges for us.

“We had a lot on our plate after the exit from the Championship, and the ownership has been quite transparent in telling supporters that a financial restructuring is one of those challenges. Working on smaller budgets, adjusting the Club wage bill to League 1 inside of three months whilst ensuring we built a competitive squad to bounce back has been the focus over the summer. This is one of the reasons we needed to put the new facility on the back burner. These structural changes do not imply a change in the budget for the stadium. We are in a solid position for funding the project, although post Covid costs have risen substantially.

“We’ve also been clear we’ve had some challenges with clarity from the City, and the truth is that neither side has been in contact with each other since the completion of the PCC Master plan public hearings. The elections, leaving the Championship, plus some challenges with the Allia tenancy have meant that it’s time for both sides to get back to the table on the Master Plan and the Club's position within that plan.

“We continue to move forward in this complex project and are hopeful to provide a more detailed update later in this quarter, as we reach out to start the communications with the PCC again. We remain committed to deliver a new stadium for this football club and will continue to work tirelessly towards this goal.”