WEYMOUTH Football Club have announced an agreement to remain at their Bob Lucas Stadium home for the immediate future.

In a statement to shareholders, chairman Ian White explained Weymouth have been "working for several years with Wessex Community Sports LLP (WCSLLP) to develop the Bob Lucas Stadium site and relocate the football club."

He continued: "However, both parties have concluded there is no realistic prospect of a relocation which would satisfy the requirements of the club."

Under agreements set out in the deal, Weymouth have paid £1 to acquire almost a third of the land surrounding the stadium.

The Terras will "waive certain historical rights of way and other rights over the land surrounding the stadium (which is already owned by WCSLLP)."

A new option agreement has been granted to WCSLLP to run until 2024.

The new terms "will keep alive the possibility of Weymouth FC being relocated if a site can be found and Weymouth FC chooses (to move).

"If this option is exercised by WCSLLP the land will be transferred back to the company at nominal cost.

"That land and the stadium could then be sold to generate the funds for relocation."

At the meeting of shareholders, during which they gave their approval to the new deal, White added the agreement grants "a licence to Weymouth FC so on matchdays the supporters can park on its retained ground."

Main points of the agreement:

1. Weymouth FC will recieve a payment from WCSLLP when the agreement is signed. This will allow for further investment in the club and that investment will be targeted on the facilities at the stadium. This will enhance the stadium improvements which the board has already put in place over the summer.

2. WCSLLP will transfer to Weymouth FC substantial areas of land around the stadium. Some of that land will be used for parking immediately and some of it developed for additional parking spaces in the future. Weymouth FC will pay £1 for that land and will agree to waive certain historical rights of way and other rights over the land surrounding the stadium (which is already owned by WCSLLP).

3. Weymouth FC will be granted new access rights and it is anticipated that WCSLLP will improve the access by putting in place a road to separate the new WFC land from the land they retain outside the main stand.

4. WCSLLP will grant a licence to Weymouth FC so on match days supporters can park on its retained land.

5. What WCSLLP do with their land is up to them and always has been, but if they develop it, then the agreement provides that Weymouth FC will receive further staged payments from WCSLLP.

6. A new option agreement will be granted to WCSLLP to run to 2024. This will keep alive the possibility of Weymouth FC being relocated if a site can be found and Weymouth FC chooses to move. If this option is exercised by WCSLLP, the land will be transferred back to WCSLLP at nominal cost. That land and the stadium could then be sold to generate the funds for relocation Anything is possible, but currently it is not possible to find a relocation site or generate enough funds to pay for relocation from the sale of the entire site (including the stadium) so the board recognises this is mainly "hope value".