Cambridge United Football Club looks set to remain at the R Costings Abbey Stadium after the club announced it had sidelined plans to move to a new ground.

Previously, the League Two club had aimed to move to a new stadium in the Trumpington area, but these proposals were rejected by local planners.

It now appears likely that the club will pursue a redevelopment project at the Abbey, with Trumpington to become home to a new sports village and housing development.

The club has faced a decade of uncertainty surrounding its stadium plans since entering administration in 2005, and officials believe a comprehensive refurb of the Abbey is essential to ensure financial stability.

"Cambridge United are a progressive club but our stadium is antiquated and unfit for purpose if we are to continue the progression of the last 18 months," said Cambridge United chief executive Jez George.

"We need to be able to grow our non-match day income and generate additional revenue on match days so we can grow a sustainable business."

The property development company which owns the Abbey, Grosvenor, had wanted to build a housing development at the current site and construct to the south-west of the city. Grosvenor, together with the club, has said it will now launch a public consultation on the potential redevelopment of the Abbey, with a planning application expected to be submitted later in 2015.