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Stephen King agreed for the school to be giving the rights (Picture: WireImage)

Horror author Stephen King has sold the rights to one of his short stories to a group of Welsh students for 77p.

Year 11 students at Blaenau Gwent Film Academy in Tredegar, Wales will now adapt the short story Stationary Bike – first published in 2003.

Alfie Evans and GCSE drama student Cerys Cliff, 14, will write the script, after their tutor Kevin Phillips discovered the Dollar Babies section on Kings website; the section allows prospective filmmakers to buy the rights to one of Kings many short stories for just $1 (77p).

King has long been a supporter of student filmmakers (Picture: Getty Images)

Phillips then wrote to the office of Stephen King to seek his support from the project, and a reply came within 24 hours offering them the rights for just £1.

It is great for our students who are fans of his writing and a great scoop for the Academy, Kevin said.

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Being given an opportunity to bring one of Stephen Kings novels to life is crazy, said 16-year-old Alfie.

More: Film

King had previously revealed that he decided in 1977 to give back a little of the joy the movies had given me by offering some of his stories to potential producers for a small sum.

It was the Dollar Babies section that led to Frank Darabont directing the 1994 Oscar-nominated movie The Shawshank Redemption after he bought The Woman In The Room for $1 and turned that into a short film, beloved by King.

Their friendship then blossomed and King gave Darabont a handshake deal for the rights to Rita Hayworth and Shawshank Redemption.

MORE: You can have these very rare James Bond posters if you have £28,000 to spare

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