Yarmouth Town Council say it's hoped the application will preserve the premises as an educational and community resource for the residents of Yarmouth rather than the site passing into private hands for redevelopment
In a letter sent to parents, governors said they had come to the decision following 'frank conversations' and 'a very painful meeting' with Isle of Wight Council representatives.
All monies raised will be donated to four local charities, namely CHOYD, West Wight RNLI, West Wight Sports and Community Centre and the IOW Special Olympics Fund.