The seafaring charity the Royal Merchant Navy Education Foundation is set to receive a £4m windfall after it finalised the sale of a former school site to Reading Football Club.
The charity, which provides educational support to the children of Merchant Navy seafarers, has announced that it has completed the sale to the football club of a 120-acre site on the Bearwood Estate in Wokingham, Berkshire, for a fee in the region of £4m.
The sale, which has been in the pipeline for almost three and a half years, would enable the charity to extend the number of people it helps, a spokeswoman for the charity said.
The land is adjacent to a stately home formerly used as an orphanage and, until 2012, a boarding school for children of those serving in the navy.
Charles Heron-Watson, chief executive of the Royal Merchant Navy Education Foundation, said the charity was "excited about the possibilities that now exist for helping even more children and young people to achieve their goals".
The charity had an income of £497,364 and an expenditure of £889,308 in the year to the end of August 2014.