Manchester City Council (MCC), regeneration agency New East Manchester (NEM) and Manchester City Football Club (MCFC) have agreed a major deal to transform the east of the city.

A joint development board (JDB) has been formed between the three parties to lead regeneration efforts, which will be centred on the area of land around the football club's City of Manchester stadium. It is hoped the new agreement will enable MCC, NEM and MCFC to share a common desire for the commercial development of the region to help boost the local economy.

The JDB will initially look to enhance the destination potential of the Sportcity development and provide improved amenities and surroundings, which will deliver an upgraded space for supporters on matchdays. Medium-to-long term aims of the JDB will be to explore plans for commercial development of land held by each of the three parties to further regeneration opportunities in east Manchester.

MCC leader Sir Richard Leese said: "The collective strength of the council and the club, two very ambitious partners, will be the engine of economic growth and will build on the regeneration work already in evidence in the area. "From the securing of the Metrolink tram system to the building of world class sporting facilities in and around Sportcity, there has already been real vision in creating a sustainable future for east Manchester."

MCFC chief executive Garry Cook added: "The longer term considerations for the area reflect the long term commitment of our owners to the club and the community it serves."