Truro City Football Club has been officially bought by the Cornish Pirates rugby club in a move described as “a new and exciting time for sport in Cornwall.”

The sale was confirmed this afternoon in a statement posted to both teams’ websites.

In a move praised as helping to “secure the future of professional sport in Cornwall”, the board of Truro City said it was pleased to announce that contracts had now been exchanged.

Negotiations on the purchase, which is still awaiting final National League and FA approval, have been underway for six weeks with the full cooperation and support of the Cornish Pirates and Truro City Football Club owners. The rugby and football teams will continue to operate as separate entities with individual boards and management.

Director of Sport First Agency Alex Black, who has over 20 years’ experience of working in professional football, has been acting in a consultancy role throughout the purchase and will continue in that role to ensure professional completion of the sale.

The statement confirmed that Truro City Football Club will continue to play at Treyew Road for the foreseeable future.

Dicky Evans, major shareholder of the Cornish Pirates, described the sale as “great news for sport in Cornwall as well as both professional clubs.”

He said: “As we worked through the Stadium for Cornwall business plan it became apparent that this was an obvious move for us; Peter Masters and Pep Perryman have been supportive throughout the process and there is a strong desire to make this a success.

“This purchase secures the future of professional sport in Cornwall. We have said throughout that the Stadium for Cornwall is for all sport and not just rugby and this news confirms that position. We all share a passion to bring professional sport of the highest level to Cornwall and to create pathways for young people to achieve their dreams of playing professional sport in the county.

“I want to ensure staff, players and the fans of Truro City Football Club that we will be continuing growth at the club and ensuring it can play at the highest level possible. I also want to personally thank all of those involved in both clubs for their continued support as we enter a new and exciting time for sport in Cornwall.”