Millwall's future at The Den looks secure after Lewisham Council announced a compulsory purchase order (CPO) on land around the stadium has been abandoned.
The League One club were in danger of being forced out of their south-east London home and moved to Kent following plans to sell the land to offshore property developers Renewal.
But, amid fierce public pressure, mayor Sir Steve Bullock said on Wednesday that the order "should not proceed," citing concerns raised about the club's community trust and academy.
And, later on Thursday, the council's cabinet announced that they had scrapped the CPO.
A statement read: "We have always been clear that Millwall needs to be at the heart of any development -- we want the club's future to be secure and the Millwall Community Trust must be able to continue its fantastic work in the local area.
"In the last few weeks, the new Chief Executive of Millwall Football Club, Steve Kavanagh, has identified new issues concerning the Club, which the Council is currently considering. Other issues have been raised in respect of the Surrey Canal Sports Foundation (SCSF). We are taking these issues seriously.
"The issues about the SCSF are now to be subject to an independent inquiry. The Council is not now proceeding with any Compulsory Purchase Order on New Bermondsey. Any decision that the Council may take in the future will be a wholly new decision."
Development proposals around The Den included 2,400 homes, community facilities and a new railway station. But reports emerged last week alleging the SCSF had made inaccurate claims about £2 million of funding from Sport England.
In a statement, Bullock -- who has been a director of SCSF since December 2012 -- said: "Information has been provided by Millwall to the council in the last few weeks that raised two concerns that appear not to have been addressed previously in regard to aspects of the future operation of the Community Sports Scheme and the operation of Millwall's own academy.
"I have always been clear that Millwall must be at the heart of the development and it is my view that these concerns need to be thoroughly addressed. The CPO should not proceed and that all parties concerned should enter discussions to identify an agreed way to achieve the regeneration of this area while resolving these concerns.
"Other issues of concern have been raised in relation to the operation of the SCSF and, as soon as these concerns were raised, I wrote to the council's chief executive asking that an independent inquiry take place into them and I cannot comment further until the inquiry reports."
Bullock said he had not made any public comment on the proposed CPO "because of my involvement with the Surrey Canal Sports Foundation."
Millwall have welcomed a review into the seizure of land around The Den but said the investigation must be fully independent.
The club's chief executive Steve Kavanagh said in a statement: "We welcome the announcement of an investigation.
"We look forward to seeing the full details of how an independent investigation will be conducted and we assume that we will be fully and directly involved in the process.
"We do not feel that our comments and objections to the whole CPO procedure have been listened to by independent minds so far.
"We would challenge the independence of the investigation if it were established and given terms of reference by the council's chief executive, mayor or cabinet."