Birmingham City's owners have acquired a former go-karting track amid plans to build a new stadium and training facility.
Knighthead has confirmed it has bought the council-owned, 48-acre former Wheels racing site in Bordesley Park in the east of the city.
Its 'Sports Quarter' development will be home to a stadium, training facilities for all of Birmingham City's main and academy teams, community facilities and mixed-use commercial and entertainment space which the club said could generate more than 3,000 jobs.
The ambitious plans have been revealed just days after the club published its annual accounts for 2022/23 which showed it remained in the red, posting a pre-tax loss of £25.3 million.
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Speculation over the future of the disused karting and race track mounted late last year, with reports then linking Birmingham City to the site.
However, they appeared to have been quelled somewhat when the council submitted its own planning application in December to build a new industrial park at the site.
These latest plans have been led by Knighthead's chief executive and Blues chairman Tom Wagner and the club's chief executive Garry Cook.
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It follows the by Mr Wagner, who said: "When we invested in Birmingham City, we made it very clear that we had an ambitious vision to transform the experience for our fans and make a positive contribution to the growth and vitality of the city of Birmingham.
"The acquisition of the former Wheels site is an important next step in making this a reality. The plans for the Sports Quarter will bring global interest to our club and to Birmingham as a whole."
Mr Cook added: "The Birmingham City story dates back to 1875 when the Small Heath Alliance team was formed. A blue thread based on teamwork, entertainment and unbreakable community spirit was created.
"This is the strength of our brand. Our owners have an ambition that is greater than anything this club has ever seen and, when we deliver it, the impact on the global reputation of Birmingham will be seismic."
Birmingham City Council leader Cllr John Cotton said: "This is a huge moment for everyone associated with Birmingham City FC and I'm sure Knighthead's ambitious vision will excite Blues fans everywhere."