Rodney Parade has seen many famous victories in over a century of rugby and the home of the Dragons and Newport RFC will now become a multi-purpose site securing its status as one of the premier rugby venues in Wales.
The stadium redevelopment is a joint venture between Newport City Council, Newport Gwent Dragons, Newport RFC, the Welsh Rugby Union and developer Edward Ware, consultants Gleeds and architects S&P, and will be funded by is funded by a mixture of residential, retail, student and hotel developments on the existing Rodney Parade site.
Welsh Rugby Union Group Chief Executive Roger Lewis said: "This new home for rugby in the heart of the city will drive the game forward with the vigour which has helped Rodney Parade become a world famous citadel for sporting success.
"The All Blacks, the Wallabies and South Africa have all been welcomed to Wales and have tasted defeat at Rodney Parade. It is reassuring to know there are people involved in the game today with the vision to ensure rugby will continue to thrive and develop in Gwent far into the future.
"I have been closely involved in discussions related to the development plans so I know a lot of people have been working extremely hard to ensure this new stadium is built.
"The game of rugby defines us as a nation and Rodney Parade has a proud place in the history of Welsh and UK sport. The new stadium will boast excellent facilities and that will ensure rugby continues to attract a large and loyal following both on and off the field here in the south east of Wales.
"The Welsh Rugby Union will continue to support this vision and I look forward to walking through the gates to cheer on some of the young academy players who, I have no doubt, will become future legends of our game."
Martyn Hazell, Chairman of the Newport Gwent Dragons said: "This is fantastic news for The Dragons and Newport RFC and for all rugby fans in Gwent. The famous Rodney Parade ground is going to be transformed into a state of the art stadium with top class facilities for the players, fans and the greater community. These plans will benefit Welsh rugby and the local area.
"At the outset we thank the Council for their support on this project and their enthusiasm for ensuring that rugby at the highest level remains in Newport and builds on the strong and viable structures already in place within the organisation. I would also like to thank the WRU for their backing of this project.
"The venture will incorporate a hotel, conference and hospitality provisions, as well as better facilities for spectators and sponsors thereby expanding the revenue streams for the organisation.
"This development and management alongside continued strong financial procedures will allow us to attract top players and more importantly give the academy players somewhere to aspire to play in and be proud to be a part of.
"The Board of Newport RFC and The Dragons have consistently strived to operate within strong financial structures whilst exploring every option to take professional rugby forward within the region. Today's announcement is the next exciting chapter in the life of Rodney Parade, a story that started over 130 years ago as a gift from Lord Tredegar and as it has developed has taken the hopes and aspirations of fans and players alike with it.
"With this announcement we have secured a top class facility for future aspirants who will live out their dreams at Rodney Parade both on and off the field."