The AFL has completed its long-anticipated purchase of Etihad Stadium in a deal reported to be worth about $200 million.
The buyout comes after 15 months of negotiations and is likely to result in major upgrades to the 54,000-capacity ground, which opened in 2000.
It is also expected to boost gate returns for the ground's tenants clubs, the Western Bulldogs, Carlton, St Kilda and North Melbourne.
The stadium was scheduled to be transferred to the AFL in 2025 under a deal with the ground's consortium of owners, but AFL boss Gillon McLachlan had made clear his desire to bring the takeover forward.
"Owning Etihad Stadium enables the AFL to continue to strengthen the financial health of several of our Victorian clubs, develop an asset for our whole industry, and commit to being a serious stakeholder in the future of the Docklands precinct," McLachlan said on Friday.
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"The AFL will continue to operate Etihad Stadium as a multi-purpose entertainment venue hosting AFL matches, other sports, concerts and a broad range of entertainment options.
"Our commitment as owners of Etihad Stadium is to work with government to provide a stadium experience for our fans equal to the best in the world, as well as explore how we can help improve the stadium's relationship to Docklands and the city."
The AFL is expected to formally take over the stadium's ownership and management in early November.
Etihad Airways will continue to hold the stadium's naming rights until 2019 when it will have options to extend the agreement.
The stadium hosted 46 home-and-away matches during the 2016 AFL season, representing more than 20 per cent of the league's total match-day attendances.
Collingwood president Eddie McGuire had previously flagged the possibility of demolishing Etihad Stadium and building a $1 billion new AFL venue in the shadow of the MCG to take over the mantle of Melbourne's second stadium.
But McLachlan has said he believes the Docklands ground is a strong asset which will benefit from improvements.
