Swansea City Football Club have agreed a deal to take operational control of the lease of the Liberty Stadium from the city council.
The football club have agreed to pay an annual rent for the ground in a move that opens up new revenue streams.
Swansea will also pay a share of any future naming rights deal to the council, and will commit to building 3G sports pitches in communities in Swansea as part of its arrangements with the Premier League.
The council-owned stadium, which was built in 2005, had been run by a tripartite agreement between the council, the Swans and the Ospreys - all of whom have representation through the mutually controlled Swansea Stadium Management Company (SSMC).
As part of the new agreement, the football club now has have sole control of SSMC and the stadium in the future.
The deal will also allow the Ospreys rugby club to continue playing at the stadium on a long-term lease.
Swans shareholder Jason Levien said: "This deal is a hugely important step towards the sustainability of Swansea City Football Club and certainly begins a pathway to stadium expansion, which we have always said was a key part of our plan for the club."
"I'd like to pay tribute to Chris Pearlman and everybody at the club who have worked tirelessly in getting this deal over the line.
"This is the realisation of months of planning and work that allows the football club to take control of its destiny. We want to give Swansea City the greatest chance of success and the option to potentially expand and allow more people the ability to come to games is a major leap towards that goal."
Rob Stewart, council leader, added: "This is great news for all concerned. For the first time the council tax payers of Swansea will see a return in the investment they made in the Liberty stadium.
"This is a deal that benefits both the Swans, Ospreys by providing them with the freedom to commercial the stadium, and the council tax payers who will not only receive an income, but also additional money from any stadium naming rights and shirt sponsor deals will help deliver new 3G pitches across the authority."