The UK's Leeds City Council has approved a proposal for the redevelopment of Headingley Carnegie Stadium.
A third-party investor will provide up to £35m to redevelop the stadium.
BBC reported that Headingley's cricket ground and rugby stadium are linked by a shared two-sided stand.
The redevelopment will include a new south stand on the rugby ground and replacement of the shared stand.
Leeds City Council councillor leader Judith Blake said: “I am pleased that executive board has backed the deal, which we have arranged with a private third-party investor to fund the redevelopment of Headingley Carnegie stadium.
“It’s vital for both the city and region that Headingley continues to host high-class international and domestic sport.
"With the tight timescales that are involved for this work to begin, this route offers the best and most viable option moving forward. As part of this agreement, the cost of financing the development will be met by both the rugby and cricket clubs at no cost to the taxpayer."
The council will sign an agreement with the third-party investor to lease the stadium and sub-lease it to clubs, Yorkshire CCC and Leeds Rhinos.
Headingley cricket ground is expected to begin hosting matches from 2019, with estimated economic benefits of £20.5m.
Upon completion, the new facilities are expected to generate additional expenditure of £107.3m between 2017 and 2023.
Image: Headingley Carnegie stadium in Leeds. Photo: courtesy of Leeds City Council.