The council has completed the freehold purchase of Volair Park, the club’s home ground, and a new 99 year lease has been granted for the club.
Knowsley Council has been in discussions with the club since it became apparent that the current landlord was not prepared to grant the club a further lease over the ground.
Cllr Graham Morgan, Leader of Knowsley Council said: “Prescot Cables Football Club has been a huge part of the town since 1884 and it would have been a terrible blow if the club had to close its doors.
"As soon as we knew the club was experiencing difficulties over the lease, we have been in
discussions with them to help find a solution.
“By securing the purchase of the ground and putting this lease agreement in place, the council has been able to help the club stay open and to remain in the heart of the Prescot community.
"This agreement will also give the club the opportunity to explore options to raise more revenue and to secure grant funding.
“For the Council, it made absolute sense to get involved. By investing in the Club we will be
supporting a valuable local asset and importantly we will also recoup all of our investment, through an annual rental payment from the club.
“Knowsley Council is currently delivering on our ambitious plans to transform Prescot into a thriving and attractive cultural, leisure and independent led retail destination and Prescot Cables plays an important part of this.
“I am pleased to have been able to secure the future of this much loved and valuable community asset for Prescot, Knowsley and indeed the wider region.”
Doug Lace, Chairman of Prescot Cables Football Club said: “The Board of Directors are delighted that we have been able to sign this new lease agreement which will secure the long term future of Prescot Cables Football club here in Prescot.
"We have been playing at the ground since 1906 but we have never before had the security of a 99 year lease.
"We would like to extend our thanks to Knowsley Council for their support and their commitment to helping us to remain in the heart of the community and to continue to support local residents and the rest of the town.”
Prescot Cables Football Club is the most senior football club in Knowsley and as a Community Interest Company, membership is open to all and supporters can buy shares in the club for £5 per year.
The club is engaged with improving the wellbeing of the local community in a number of ways through sporting activities.
As a member of the Northern Premier League, the club promotes Prescot and Knowsley throughout the North West and the ground hosts charity matches and local junior club finals.
Prescot Cables also fields eight Youth teams from the ages of 6 – 18 years recruiting locally in the Knowsley area.