Allowing MK Dons to redevelop and re-purpose the National Bowl has the full backing of MK Council leader Pete Marland.
As well as 12 football pitches, the community hub will include changing, fitness and medical facilities, classrooms, administration and food and beverage provisions.
Plans also ensure that the Bowl will be available as an enhanced hub for cycling and as a music venue for artists from around the world.
Leader of Milton Keynes Council, Pete Marland, said: “The Bowl and MK Dons are two iconic symbols of Milton Keynes. Bringing them together for the right deal is a no-brainer.
“The Dons will be able to ensure the facilities they need to be a more sustainable club in the long-term and compete with the best, while the Bowl is brought back to life, not just for the club, but for other activities, sports and concerts too. I’m really looking forward to working with Pete and the team and see their plans in more detail.”
Charles Macdonald, Chief Executive of Milton Keynes Development Partnership, added: “I’m delighted we’ve found a solution that provides the Dons with a fantastic new training ground within Milton Keynes and also means MK Bowl can host a mix of sustainable uses for years to come.
“MKDP has worked closely with The Bowl’s key users and MKC to help deliver a scheme that fulfils the Council's policy ambitions and ensures it remains a space that can be enjoyed by everyone.”