New East Manchester (NEM), Manchester City Football Club (MCFC) and Manchester City Council (MCC) are to move forward with a regeneration agreement.

A Memorandum of Understanding signed in March 2010 is to be formalised with a new joint venture - the Eastlands Development Partnership. The vehicle is designed to deliver development opportunities on land surrounding the City of Manchester Stadium and neighbouring communities.

An Eastlands Regeneration Framework document has also been laid out to help guide the redevelopment of a combined 200 acres (81 hectares) of land held by the three parties. NEM chair Simon Bate said: "This is the latest milestone in the regeneration journey that East Manchester has been on for the past 15 years."

MCC leader Sir Richard Leese added: "Our joint partnership is progressive and maturing and our mutual commitment means that our shared vision for the area can become a reality."