WORCESTER City chairman Dave Boddy has heralded the sale of St George's Lane as an historic day for the football club.

As exclusively revealed in your Worcester News yesterday, City have ex-changed contracts with residential property developers Careys New Homes.

The Wembley-basesd firm have purchased the 4.25-acre ground, City's base for the last 102 years, for a substantial unreleased figure, including a significant sponsorship deal.

The deal will now enable the Blue Square North club to release funds to progress the development of a new 6,000-capacity stadium, to be built by St Modwen Properties, at Nunnery Way.

Boddy said: "This is an historic day for the football club. The sale of the St George's Lane ground means that the development of the new stadium at Nunnery Way can move forward.

"It's a vital step because it releases the funds that we need to put into our side of the deal with St Modwen at Nunnery Way.

"Hopefully, this will now lead to exciting times ahead for all supporters of the club."

A meeting of the club's shareholders will be held on May 20 to give further details of the stadium development plans.

Boddy added: "It's taken us a lot longer than we would have anticipated but it's been a complex deal to sell St George's Lane.

"Because of the nature of the deal we have got with St Modwen, you are talking about having four parties involved with the sale of St George's Lane. That's ourselves, St Modwen, Careys and the bank.

"The deal that has been negotiated by the football club is an excellent deal. The sponsorship which Careys are putting into the club is a massive boost and bonus to the club's finances in a very diffiuclt time. It's a substantial sponsorship on top of the sale price and we are delighted.

"We are absolutely relieved," he added. "We expected to complete an exchange three to four weeks ago and every day for the last three or four weeks there's been one complex issue after another to be dealt with.

"Just when you thought you'd completed, another issue has been raised.

"I can understand the fans' frustration, it's a massive deal. It's not something that we have been in a position to discuss in the public domain because of the complexities."

However, because of the time involved, Boddy now expects the move to Nunnery Way to be for the start of the 2010/11 season.

"With the sale of the ground we've probably lost six months," the chairman said. "I think we are still looking at two years from today. I think we've got a year's worth of planning still and a year's worth of build, assuming the planning runs smoothly."

John Carey Jnr, director of Careys New Homes, said: "We are very pleased to be involved with this exciting new project and all the benefits it will bring to Worcester City FC and the local community.

"A planning application for residential development has been submitted and is progressing through the planning process."

John Dodds, Midlands regional director for St Modwen, added: "The sale is excellent news for Worcester City FC and completes the next stage in the process of relocating the club.

"We are continuing with consultation meetings with Worcester City Council who are very supportive of the planned new football stadium."

City fans hoping to reform the supporters' trust at a meeting at Worcestershire County Cricket Club tomorrow night (7.30) issued a statement today re-affirming their concerns about the sale of the St George's Lane ground.