(Reuters) - Bournemouth have agreed a deal to buy back the Vitality Stadium to renovate and expand their home ground, the Premier League club announced on Friday.
Bournemouth sold their stadium to Structadene in 2005 and leased it back to help pay off debts when they were in the third-tier League One, but the south-coast side have since established themselves as a Premier League club.
A newly-created entity called Black Knight Stadium Limited will now officially own the stadium. Bournemouth is 100% owned by Black Knight Football Club UK Ltd, which is controlled by owner Bill Foley.
"We have acknowledged that accommodating more of our growing fanbase is integral to our goals for the club and this move will allow us to pursue all options moving forward," Foley said in a statement.
"We appreciate Structadene's stewardship of the stadium and for working with us to return it to its natural home with the club."
The Vitality Stadium can hold only 11,286 fans, making it the smallest stadium in the Premier League. Previously known as Dean Court, the stadium has been Bournemouth's home since 1910.
"Ownership of the stadium will help AFC Bournemouth as the club makes plans for any future renovation and expansion projects," the club said.
"The club's ownership of the stadium will put it in the best position to preserve the stadium's history and plan a path for future renovations and improvements."
(Reporting by Rohith Nair in Bengaluru; editing by Clare Fallon)
