Deals to provide the land and government funding required for the Stadium for Cornwall are within “touching distance” and could be signed by the end of this month.

That was the message from Bob Egerton, Cornwall Council Cabinet member for planning and economy, who said he believed there would be a “happy outcome” for the long-awaited stadium.

The Stadium for Cornwall is planned to provide a new home for the Cornish Pirates rugby union team as well as for football side Truro City. It will also provide conference facilities, space for Truro and Penwith College and a gym.

As well as being used by the two sports teams it will also be used by other sports clubs and community groups.

It is planned to be built at a site next to the park and ride at Langarth near Threemilestone. Last year Cornwall Council agreed to provide £3 million towards the project but only if that was matched by the Government, fulfilling a promise which had been made by former Prime Minister David Cameron.

Cllr Egerton made the comments in response to questions about the stadium project at yesterday’s full council meeting.

Conservative councillor Philip Desmonde asked for an update and whether the deals for the stadium had been completed and whether landowner INOX was in a position to hand over the site.

Cllr Egerton said: “I thank the chamber for supporting the project, it is over a year ago that we voted to support this project and the council put in this money. We were all hopeful that it would be delivered quickly.”

The independent councillor explained that INOX had been set to hand over the site for the stadium as part of a Section 106 planning agreement linked with the major housing and retail development for the surrounding site.

However the agreement was that the stadium site would not be transferred until the developer had started to build homes.

Cllr Egerton said: “We have been working with them over the last year to get that land handed over before the houses are built.

“We are in touching distance of not just getting the memorandum of understanding but the legal transfer to be signed off.

“The land will be transferred to Cornwall Council and we would then immediately pass it over to the partners in the stadium project on a long lease.

“All the terms of both those transfers are in touching distance and close to being signed off.

“The money from the Government we were always led to believe that there was the will to put in the £3m. The message they will give us is they will provide the money only once we have the land.”

The Cabinet member said the business case for the stadium had been approved by Sport England, which had advised the Government to support the project.

He said: “We believe that this will lead to a happy outcome.”

And he added: “I just hope I can come back to the next full council and say that it is done.”

Cllr Desmonde asked whether that would mean that a conclusion would be reached by “the end of this month”.

To which Cllr Egerton replied: “I would very much hope so. We hope that it will all be done in a matter of days if not hours.”