Celta Vigo have secured their long-term future at the Estadio Abanca Balaidos after Vigo City Council approved a new 50-year agreement.
The deal could run for as long as 75 years and comes as the historic stadium continues to undergo modernisation.
Celta Vigo agree new Balaidos Stadium deal
The agreement allows Celta to continue playing at the 24,870-capacity Balaidos for the next 50 years, with an option to extend the concession to 75 years.
The stadium is owned by Vigo City Council, with Celta set to pay an annual fee of €802,800 (£689,400).
The deal was originally reached in April before receiving final approval after the economic and administrative clauses were submitted without objections.
Celta will be able to use the stadium for football and other events, while also commercialising audiovisual rights, giving the ground a commercial name and hosting cultural, leisure and entertainment activities.
The annual fee can be adjusted in certain circumstances, including investment in stadium works, cultural and leisure events, or losses suffered through relocating season-ticket holders during renovation work.
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The council will retain rights to use areas around the stadium, maintain an advertising presence inside the venue and carry out structural reforms or expansions in coordination with Celta.
Vigo mayor Abel Caballero welcomed the agreement, describing it as “extraordinary for the city and very good for sport, for football and for Celta”.
The agreement comes shortly after Celta partnered with Oak View Group to improve hospitality and catering at Balaidos.
OVG Hospitality will develop a new food and beverage concept for supporters, corporate clients and visitors as part of the stadium's ongoing modernisation.
FGG says: Celta Vigo have secured the stability Balaidos needed
This is a very sensible outcome for both Celta and Vigo.
A 50-year agreement gives the club enormous certainty over its home while allowing it to continue investing in a stadium that remains central to the city's sporting identity.
With the option to extend to 75 years and improvements continuing, Celta can now focus on making Balaidos an increasingly modern matchday venue without worrying about where its long-term future lies.