SWINDON Town Football Club and its supporters have moved another vital step closer to owning the County Ground after key documents were completed and a six-figure deposit was paid.

The football club and Swindon Town Community Mutual Limited – the registered society acting on behalf of Trust STFC and its members – have signed and exchanged the necessary contracts with current guardians, Swindon Borough Council.

The County Ground Stadium Custodians Limited – the company name which the joint-venture agreement will operate under – has also paid a deposit of £230,000 to initiate a legally-binding deal.

Part of the funding for the £2.3million acquisition has been sourced from the Nigel Eady Trust.

Mr Eady, who was a life-long Town fan, left “a considerable legacy” to the club after his death in January 2012.

One of the key stipulations in the benefit amount was that the money be used “for the long-term benefit of the club and local community.”

With rental costs split in half, the County Ground Stadium Custodians Limited will use the saved costs for “significant developments” across the stadium.

These are set to include upgrading two stands and building a hotel and conference facility on the Alan McLoughlin Town End over the next five years.

Town chairman, Clem Morfuni, said: “This is massive for the football club and a significant step forward as it means the joint-venture is now fully committed to completing the purchase over the coming months.

“We’d like to place on record our sincere gratitude to the Nigel Eady trustees who have been so supportive throughout this long process.”

Trust chairman, Steve Mytton, added: “On behalf of all supporters, we would like to thank Nigel Eady and all his trustees for funding this historic purchase.

“Upon completion, we can ensure the County Ground is developed in the best possible way for the benefit of both the club and local community.”

Once the deal is completed, it will mark the first time Swindon and its supporters have owned the County Ground – the football club’s home since 1896.

Rob Carter, from the Nigel Eady Trust, commented: “We’re delighted that contracts have now been exchanged and look forward to completion as soon as possible.

“The purchase of the County Ground is a fitting legacy for Nigel, and he would be very proud to see this happening as it opens the door for much needed improvements across the stadium, which in turn will contribute to the future success of our great club.”

Councillor David Renard, leader of Swindon Borough Council, said: “I’m extremely pleased to see the County Ground will soon be in the hands of the football club and its fans.

“This is a deal I’ve wanted to get done for a long time, and getting it over the line is all thanks to the fantastic work that has taken place behind the scenes from colleagues at the council, football club and the Supporters Trust.

“This is a huge moment for the club and the fans, and I’m sure it will prove to be a pivotal point in its history.

“I know the football club and the Trust have big plans for the ground, and I’m very excited to see what comes next, both on and off the pitch.”

Swindon Town say that the targeted completion date for the final purchase will be “by the end of March, at the latest.”