The White Tigers have been taken over by a Canadian consortium led by Cornwall RLFC chairman Eric Perez.
Under new plans, the rugby union team and the National League South club will play at a new stadium on the outskirts of the Cornish capital.
Currently playing at Plymouth Parkway's Bolitho Park, it is huge news for the club’s supporters following their three-year exile.
“The club stands on the cusp of a new dawn with the move back to Cornwall,” Perez said.“The goal is to continue the club’s progress by supporting the delivery of a facility that befits our team’s standing, our accomplishments, and most importantly our ambition.
"We've fallen in love with the place and we see massive potential in this football club. The ability to take this club up levels would be transformative for the sporting landscape in Cornwall and we're looking forward to delivering that.
"I don't think there's another club that has an hour-and-a-half catchment area in the top six divisions, so just that alone presents a unique opportunity. We've been looking at that and realising this is a good thing for us to do,” he told the BBC.
"I'm a football fanatic, a lot of people on the group are football fanatics and we're here to take this club up, that's what we're here for.”