Venue operator AEG Presents has signed a deal to run Wolverhampton Civic Halls.
Contracts have now been exchanged between the firm and City of Wolverhampton Council after the deal was first announced in March.
AEG Presents will run the group of venues for 25 years from April when it will commence the internal fit out to the front of house bars, kitchen and sound and lights systems.
The first artists to perform at the multi million pound, newly refurbished halls are expected to be announced later this year with the venue set to reopen in autumn 2022.
They have been closed for several years to undergo a major renovation project, covering the main Civic Hall venue along with the neighbouring Wulfrun Hall and Slade Rooms.
AEG Presents's chief executive Steve Homer said: "We're delighted to get this important milestone over the line.
"This is a long-term commitment and 25-year deal which is going to be a game changer for the future of the Civic Halls and the city.
"We are taking on a hugely important national venue and asset which has massive potential."
Council deputy leader Cllr Stephen Simkins added: "The council has demonstrated bold and ambitious thinking to take this very challenging project on and thanks to that we have secured a 25-year commitment from a world-leading operator.
"We're excited by the opportunity to work with the AEG Presents team to relight our Civic Halls and will continue to work closely with them.
"We're putting in investment in the public space outside the building so it's fantastic for visitors and progressing plans to bring a premier hotel brand to the heart of the city as part of our Westside rephasing."
AEG Presents owns and operates more than 40 venues including the Eventim Apollo London, Indigo at The O2 and the recently announced new live music venue at Olympia London.
The works currently being undertaken by Willmott Dixon Interiors inside the halls will see the height above the stage to the rear of the Civic Hall increased to attract bigger shows.
There will be more seats, bars and space to socialise, expanded and revamped toilet facilities and lift access to new balconies among other improvement work.
