Redrow boss and Wolves chairman Steve Morgan brokered the complex scheme that will see his football club get a new training academy, the city a new school and Redrow Homes build 55 four and five-bedroom luxury houses.
Work will start with the construction of the new St Edmund’s Catholic School in April next year.
To complete the deal, Redrow will now buy the Compton Park campus of the University of Wolverhampton, which is vacating the site, and build houses on some of the free land, handing over the rest to build the school as well as making a £2.45m donation.
Wolves will also hand St Edmund’s £2.5m for its existing school site. The school will also receive £7.9m of committed BSF cash allowing it to proceed with the £13m building plan.
Wolves in turn will expand its existing training facilities to include a new £6m complex incorporating indoor and floodlit football pitches on the land where the school currently stands.
Meanwhile, the university will use proceeds from the land sale to build a school of applied sciences in the city centre.