Leichhardt Oval in Sydney's Inner West will get $40 million to revitalise the historic arena, including the addition of 3000 extra seats and female-friendly change rooms.
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The federal government is poised to announce a $20 million contribution, adding to $10 million from the NSW state government and another $10 million from the Inner West Council.
Until now, the NSW and federal governments couldn't agree on funding for the much-needed repairs, leaving it to the local council.
The stadium managers will now be able to increase seating by 3000, with a new north grandstand, repair the current peeling seats and add female-friendly change rooms.
Prime Minister Anthony Albanese told radio Triple M on Friday the government was glad to contribute funding to the master plan to revamp the oval.
"This is a cracker of an announcement," he said.
"There's nowhere better to be on an afternoon than sitting on the Wayne Pearce Hill at Leichhardt Oval, it is just fabulous.
"Such a fantastic upgrade, and it's really needed."
Leichhardt Oval is one of two fields used by the NRL Wests Tigers team.
It also hosts NRLW and Women's A League matches alongside numerous amateur-level sporting matches, making the introduction of female-friendly change rooms a welcome addition.
In the past, the Wests Tigers NRL club had complained about the oval, saying the change rooms weren't sufficient to host NRL and NRLW double-headers, queues were too long at the bars and the grounds were in worse condition compared to others in the competition.
Mr Albanese is due at the oval on Friday along with state government ministers and the Inner West mayor to confirm the funding agreement.
Australian Associated Press
