Swansea Council has handed over operational control of the Stadium to the Premier League club Swansea City.
Swansea City will now pay annual rent to Swansea Council for the lease of the Liberty Stadium.
It's the first time the council will receive an annual income from the ground.
The club will also have to provide authorities with a share of any money from the stadium naming rights.
The new agreement means the Ospreys can continue playing at the stadium on a long-term lease.
The council-owned stadium, which was built in 2005, had been run by a tripartite agreement between the council, the Swans and the Ospreys - all of whom have representation through the mutually controlled Swansea Stadium Management Company (SSMC).
Swans majority shareholder Jason Levien says the agreement "begins a pathway to stadium expansion."
As part of the arrangement, the Swans have committed to funding the construction of two new 3G pitches in Swansea every five years for community use.
This is great news for all concerned. For the first time the council tax payers of Swansea will see a return in the investment they made in the Liberty stadium.
This is a deal that benefits both the Swans, Ospreys by providing them with the freedom to commercial the stadium, and the council tax payers who will not only receive an income, but also additional money from any stadium naming rights and shirt sponsor deals will help deliver new 3G pitches across the authority.
– ROB STEWART, COUNCIL LEADER We believe this agreement will help push the club forward by tapping into new revenue streams at the stadium.
It will now allow us to be more active in exploring the likes of stadium expansion, naming rights, sponsorship, catering revenue and enhancing supporters’ matchday experiences.
– CHRIS PEARLMAN, SWANSEA CITY’S CHIEF OPERATING OFFICER