Cambridge United Football Club has begun searching for a new stadium, after coming to an agreement with current landlord Grosvenor Developments.
The club has shaken hands with Grosvenor on a memorandum of understanding to consider options for a new community stadium away from their current Abbey home.
Cambridge's present stadium was bought by the developer earlier this year from former United vice-chairman John Howard for £3.5m.
A joint statement said: “The key stakeholders at the Abbey Stadium site have confirmed their agreement of a Memorandum of Understanding to consider options for the development of a new Community Stadium.
“Following an intense period of consultation since the freehold interest was acquired by Grosvenor in April, Grosvenor, Wrenbridge and Cambridge United Football Club have reached agreement on a collaborative approach to search for an alternative site within Cambridgeshire to construct a new Community Stadium and secure the long term sustainable future of Cambridge United Football Club.
“As part of this agreement which sees the football groups lending their support to the project, Grosvenor has agreed to give Cambridge United Football Club a significant rent reduction to assist with the Club’s promotion campaign stretching across the next three seasons.
“The parties are now embarking on a period of feasibility analysis, led by Grosvenor’s development partner Wrenbridge, to consider the various longer term options available before undertaking further consultation prior to the commencement of the 2011 season.
“The parties will meet on a quarterly basis to review strategy and ensure a consistent approach is implemented going forward. Key to any potential relocation will be support across the Cambridgeshire authorities and attention is now focusing on inviting representatives from each of the authorities to join a Steering Group for the project.”
Previous attempts to develop a new stadium at Milton were abandoned after being rejected by planning inspectors last year.