The agreement is subject to final approval from Leeds City Council’s executive board.
If given the go-ahead, the funding will be provided by a private financial services company and would result in no cost to the council taxpayer.
Headingley Stadium encompasses both the rugby (Leeds Rhinos) and cricket (Yorkshire County Cricket Club) stadia and the new north/south stand will replace the existing structure which spans both arenas.
The redevelopment of the north-south stand will allow Headingley to continue to enjoy full international sporting status.
“Subject to the final approval of the council’s executive board, this will deliver the funding to redevelop the stadium in full,” said Cllr Judith Blake, leader of Leeds City Council.
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“The money will be provided by a private financial services company at no cost to the council tax payer, which offers the best and most viable option moving forward.”
Mark Arthur, chief executive of Yorkshire County Cricket Club, thanked Cllr Blake and the council for their support in reaching this point.
“There is still a way to go, however, it is a significant step in securing the future of international cricket at Headingley.
“Yorkshire County Cricket Club will continue to work hard to ensure that all remaining funds are in place to ensure that the redevelopment is completed in time for the Cricket World Cup in 2019.”
Gary Hetherington, chief executive of Leeds Rhinos, added: “We have been working closely with Leeds City Council and partners to find a solution to ensure international sport continues at Headingley Carnegie for many years to come and we appreciate all the effort and commitment put in by Leeds City Council to broker this deal.
“There is still much to do, but recent developments are very encouraging and could provide the funding mechanism to complete the redevelopment work.”