After over three years of negotiations with South Somerset District Council the club can see that for their plan to redevelop the site to have detailed support at Council level it is not going to be possible in the context of the current proposal.
Consequently in order to promote a consensual approach the Club looks forward to discussing and promoting an alternative scheme.
Commenting on the decision Club Chairman John Fry said: “Of course I am very disappointed that after such protracted discussions with the council we have come to this decision.
“However it is fair to say I am very excited about the new proposals that the club, along with their development partners CDS international, will be submitting to the Council in the near future.
“With the introduction of Financial Fair Play to all clubs it is absolutely vital to generate more commercial income streams at the club and we feel our new proposals will be able to do that.
“Yeovil Town Football Club has put this town on the National and International map after its season in the SkyBet Championship and it is imperative that we maintain that momentum.
“I genuinely believe that Gary Johnson and his management team can do it again and get us promotion, but we must have a stadium that is worthy of the division and some of the best supporters in the country.”