The historic Waverley Park will remain in AFL hands after the league agreed to purchase it back from Hawthorn.
With the Hawks set to move into their new $100 million new home in Dingley later this year, the former VFL/AFL ground went up for sale.
The site hosted top-level games, including the 1991 AFL grand final when the MCG was being redeveloped, from 1970 to 1999.
Waverley, formerly called VFL Park, once could fit more than 90,000 into the stadium and the league had ambitious plans for it.
But after the AFL's last match there - Hawthorn v Sydney in round 22, 1999 - all but one of the grandstands were demolished, making way for residential housing in the precinct.
Hawthorn, one of the co-tenants of Waverley in the stadium's later years, moved their operations there in 2006.
The Hawks, remarkably, secured the site to be a rent-free tenant from the AFL.
In 1999, the Victorian government pledged to retain football at Waverley, forcing the developer to partner with an AFL club.
Selling Waverley back to the AFL will provide a significant financial boost for the club.
"With the facility changing hands to the AFL, we are confident that its historical significance of Waverley Park will be preserved," Hawthorn chief operating officer Jacob Attwood said.
"Looking forward for our club, the sale of this facility puts us in a very strong position to make the move to the Kennedy Community Centre later this year."
AFL boss Andrew Dillon was pleased historic elements of Waverley, including a giant mosaic mural, would be retained.
"Waverley Park has had a long history in footy, being the first venue to be designed and built specifically for Australian Rules Football," Dillon said.
"The purchase of the ground and facilities is a rare and timely solution that will help with our talent pathways programs, community footy, and umpire development and programs, all of which will now be worked through with the relevant stakeholders.
