Swansea Council have agreed to sell Swansea.com Stadium to Swansea City, with the football club saying it will safeguard their future.
The Championship side have been in discussions with the council over the proposed purchase of the venue, their home since its opening in 2005.
The local authority built the £27m stadium, with the Swans taking operational control of the ground in 2018.
Council leader Rob Stewart said the sale price would be in excess of a “fair open-market value”.
A report put before cabinet said: “Following lengthy negotiations, terms and conditions have been tentatively agreed which generate a large purchase price, plus additional contingent fees in the event of promotion, as well as retained ticket and hospitality benefits.”
The Swans say the purchase of the stadium will create opportunities to increase income and attract investment.
Labour councillor Stewart said the owners of Swansea City – whose investors in the American-owned club include Real Madrid and Croatia star Luka Modric and hip-hop musician and businessman Snoop Dogg – wanted to get the club back into the Premier League and invest in the stadium and create a better fan experience.
“It’s very difficult for them (the football club) to do that if they’re not in control of the asset,” Stewart said.
Originally known as the Liberty Stadium after construction, the venue initially provided a modern ground for both the city’s football club and the Ospreys rugby union team.
Its opening in 2005 and coincided with a hugely successful period for Swansea City, culminating in a seven-year stint in the Premier League between 2011 and 2018.
Stewart said taxpayers did not receive any rent from the stadium until the lease arrangements were changed in 2018, when the Swans became the lead tenant and Ospreys the sub-tenant.
He said the council did not normally like to give up its assets, but felt on balance it was the right thing to do on this occasion, adding the authority would retain planning control for things like new developments in the area around the stadium.
