The Atlanta Falcons have reached an agreement with the city's mayor over plans to build a new stadium.

The Falcons want to construct a new stadium to replace their current home, the Georgia Dome, which they share with a college team.

Team owner Arthur Blank said in a statement: "We appreciate the mayor and his staff's diligence in moving the agreements for a new stadium toward completion.

"We are grateful to the members of the Atlanta city council who have given us the opportunity to address their questions or concerns, and we will continue to work with the mayor, city council, Invest Atlanta and our partners at the Georgia World Congress Center in reaching final agreements."

Mayor Kasim Reed added: "This new stadium will also keep the city of Atlanta at the forefront of the hospitality industry in America as we pursue our goal of attracting 40m visitors annually."

It is estimated that construction of the new facility will cost $1b (£663.8m).