Nottinghamshire CCC are to go ahead with an £8.2million redevelopment project at Trent Bridge this autumn - thanks to support from East Midlands Development Agency and three local authorities.
Rushcliffe Borough Council, Nottingham City Council and Nottinghamshire County Council have joined forces with emda to back the scheme, which will help to keep Trent Bridge at the forefront of world cricket.
Said Notts Chief Executive Derek Brewer: "We could not have gone ahead with the project without the encouragement and support of emda and the three local authorities, and their backing is a reflection of Trent Bridge's status within the region.
"As a sporting venue of world renown, it is hugely important to the local economy and our partners recognise the need to help us do all we can to retain Test Match status in the face of stiff competition from other parts of the country.
"With the funding package in place and planning permission confirmed, we are delighted that we are now able to go ahead as planned, starting on August 28."
The new stand, on the Bridgford Road side of the ground, will replace West Wing and Parr Stand, and with other minor changes also taking place, the ground capacity will increase to more than 17,000.
Notts also plan to install permanent floodlights and create a new office and administration block, which will be the base for match officials and will incorporate a replay screen and electronic scoreboard.
The redevelopment will be completed in time for next year's Trent Bridge Test Match against New Zealand.
Trent Bridge has been transformed since 1998 with the creation of the award-winning Radcliffe Road and Fox Road Stands, and Notts have received widespread acclaim for the way in which the improvements have been carried out.
Club officials have always insisted that priority should be given to ensuring that Trent Bridge retains its identity as a true cricket ground and Mr Brewer said: "That has been uppermost in our minds in drawing up plans for the new development."
East Midlands Development Agency Chief Executive Jeff Moore said: "emda's £2.5million investment in the development of Trent Bridge will contribute to the necessary upgrading of facilities in order to meet the standards required to host future Tests and international matches.
"It is estimated that every time a Test Match is played at the ground an additional £1million is generated for the Nottingham economy. Our investment will ensure that Trent Bridge remains in a position to compete for high profile tournaments, and help maintain the East Midlands as a region with a strong sporting heritage."
Support from the three councils amounts to £3.7million, split equally. It is provided in the form of a loan at a discounted rate of interest in recognition of community benefits from the club.
Leaders of Nottingham City Council, Coun Jon Collins, Nottinghamshire County Council, Coun David Kirkham and Rushcliffe Borough Council, Coun Neil Clarke said: "We are all delighted to be able to support the ambitions of the cricket club.
"Trent Bridge is an internationally known brand and it is vital we seize this unique development opportunity, which we believe is in the best interests not simply of the cricket club but also our communities.
"The three local authorities have joined together to support the development plans of the club to help secure the future of Test cricket and the prestige of the county and allow the club to expand its community and youth development work across the region.
"By retaining Test match status the club would continue to generate a substantial contribution to the economic well being of the area and keep Nottingham and Nottinghamshire on the world map."
To view the development plans click here