Insurance giant Legal & General is to fund a mammoth revamp of Headingley's iconic cricket and rugby ground.
The FTSE 100 firm is to invest £35m from its retirement funds into Yorkshire cricket's home ground in a deal brokered by Leeds City Council.
The West Yorkshire city is proving investment favourite for L&G, which has invested over £600m in Leeds.
L&G investment management head of public sector partnerships Pete Gladwell said redevelopment would help Headingley continue to secure the hosting of lucrative England Test matches.
There is significant economic benefit that maintaining 'Test' status for Headingley will bring to the City and the wider region.
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Headingley's cricket and rugby outfields back onto one another and share one stand, which will be completely revamped as part of the plans.
“Our financing of this project is a great investment fit for us as the long-term income it produces helps to pay our customers’ pensions," said Kerrigan Procter, chief executive of L&G Retirement.
The new stand will be let to Leeds City Council under a 42-year lease, which will, in turn, sub-let it to Yorkshire County Cricket Club, Yorkshire Carnegie Rugby Union Football Club and Leeds Rhinos Rugby League Club.
The leader of Leeds City Council Judith Blake, added:
We were determined to find a way to ensure that top-class sport could continue to be played at Headingley through the redevelopment of the stadium.