Cornwall Council will provide no further financial support towards a new £15m stadium after it was announced that three stakeholders are to fund the project.

Developers Inox Group and Exemplar Projects; Penwith College; and the Cornish Pirates rugby team will lead the development of the new 10,000-capacity venue.

A report due to go before the environment and economy overview and scrutiny committee on 22 February reveals the council has already invested £120,000.

However, a company created by the three stakeholders – Cornwall Community Stadium Ltd (CCSL) – is expected to meet the majority of the project’s cost.

A hotel and hospitality facilities are also planned in addition to a stadium at the Langarth Farm site near Threemilestone, with outline consent in place.

Detailed plans are now expected to be submitted next month, with work to start in August if approved. The new stadium is due to be completed in June 2013.

The council report said: "The council has not previously made provision for any capital contribution to the stadium's construction costs and the council’s leader has indicated that it is unlikely that any such contribution would be made.

"The constituent members of CCSL have indicated that the majority of the capital costs can be met by them with a shortfall being the subject of borrowing."

A CCSL spokesperson added: "This key funding announcement from Cornwall Council, marks a major step forward in the process of developing and building the Stadium for Cornwall."

Details: www.stadiumforcornwall.org