London-based commercial property developer Helical Bar has confirmed it has entered into an agreement with Truro City ground owners, JoJo Investco Limited, to 'assess the possible future redevelopment of the Truro City football club site.'

In a statement, the company said: "The Club itself has now been bought out of administration by a newco owned by Pete Masters and Phil Perryman.  Helical Bar recognise the bold steps taken by Mr Masters and Mr Perryman to save the Club from its recent difficulties, and look forward to an open and positive dialogue with them. 

"Fundamental to that dialogue will be the need to secure the long future for Truro City football Club in Truro, and to reflect the Clubs widespread aspiration to grow and develop grass roots football for the community.  This will involve full consultation with all interested parties about various issues, including possible alternative Football Ground for the Club."

One half of the club's new ownership, Truro businessman Peter Masters, responded to the statement by saying: "We have had positive discussions with representatives of Helical Bar PLC as to the way forward to benefit the Club  but it's still early days. 

"Both Philip and I will continue to be transparent in all our dealings both on and off the Pitch as matters develop. We can say the future for Truro City Football Club and it loyal supporters looks a lot brighter today than it did on Friday 19th October 2012."

Masters, who runs L2 nightclub in Truro, along with A2B Taxis owner Philip Perryman, completed a deal to buy Truro City last week.