"We have agreed in principle to create a joint company to buy the Walkers Stadium and turn it into a sports super stadium for rugby and football."
"The new company would be owned on a 50:50 basis by Leicester Tigers and Leicester City. Both clubs believe this would be a visionary and ground-breaking venture, unique in British sport.
"The stadium would be re-branded - inside and out, to reflect its joint ownership and a new playing surface would be installed to accommodate both football and rugby. The work would be carried out in time for the start of next season.
"The stadium would also be used to host international football and rugby matches, other sporting fixtures, concerts and special events.
"Discussions are taking place with the governing bodies for football and rugby, and between Leicester Tigers and the city council to agree a satisfactory financial settlement for the surrender of Tigers' lease on the Welford Road site and between Leicester City and the American institution who owns the stadium."
Leicester Tigers chairman Peter Tom said: "Leicester and Leicestershire has a wonderful sporting heritage and both Leicester Tigers and Leicester City have a great history and tradition. Accommodating both clubs in one stadium is an exciting and logical step to take in today's highly competitive sport environment and makes sound business sense."
Leicester City chief executive Tim Davies said: "It has long been our intention to develop the Walkers Stadium as a focal point of the community. Joining together with Leicester Tigers in this joint venture will enable us both to further develop, strengthen and cement the stadium as a centre of sporting excellence which caters for our footballing and rugby supporters as well as accelerating plans to become a major entertainment venue serving all of the people of Leicestershire and the surrounding regions."