Wolverhampton Wanderers Football Club (WWFC) is to develop a £6m Football Academy as part of a wider £50m programme of investment earmarked for the city's Compton Park.

The Premier League club is partnering with the University of Wolverhampton; St Edmund's Catholic School' the Archdiocese of Birmingham; and Redrow Homes on the proposals. WWFC plans to create its new facility - with new indoor and improved outdoor pitches - on the site of St Edmund's Catholic School, which is next to the club's existing training ground.

The development of a new Football Academy for the club will ensure it meets requirements laid under new reclassification plans for Premier League academy football. WWFC will develop the site after the school relocates to a vacated building at Compton Park Campus, which formerly housed the university's Business School before 2010-11.

The Premier League club will also hand its £1m Indoor Academy Arena at Aldersley Leisure Village to Wolves Community Trust to benefit disadvantaged and disabled young people. WWFC chair Steve Morgan said: "It is almost unheard of to see so many parties from the public and private sector collaborating so well together for the benefit of all.

"These £50m investment plans signal a truly great opportunity to kick-start one of the most significant proposals our City has seen for many years."