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The historic Waverley Park will remain in AFL hands after the league agreed to purchase it back from Hawthorn for up to $20million after the club bought it for just $1.
With the Hawks set to move into their new $100million new home in Dingley later this year, the former VFL/AFL ground went up for sale.
The site hosted top-level games, including the 1991 AFL grand final when the MCG was being redeveloped, from 1970 to 1999.
Waverley, formerly called VFL Park, once could fit more than 90,000 into the stadium and the league had ambitious plans for it.
But after the AFL's last match there - Hawthorn v Sydney in round 22, 1999 - all but one of the grandstands were demolished, making way for residential housing in the precinct.
Hawthorn, one of the co-tenants of Waverley in the stadium's later years, moved their operations there in 2006.
Pictured: Waverley Park as it looks today, with the famous old stands making way for a housing development that overlooks Hawthorn's training ground
The Hawks won the 1991 grand final at the ground (pictured) when it briefly replaced the MCG as host of the biggest game of the season
The Hawks, remarkably, secured the site to be a rent-free tenant from the AFL by paying $1 for the freehold title.
In 1999, the Victorian government pledged to retain football at Waverley, forcing the developer to partner with an AFL club.
Selling Waverley back to the AFL will provide a significant financial boost for the club.
The deal is worth up to $20million, according to News Corp.
'With the facility changing hands to the AFL, we are confident that its historical significance of Waverley Park will be preserved,' Hawthorn chief operating officer Jacob Attwood said.
'Looking forward for our club, the sale of this facility puts us in a very strong position to make the move to the Kennedy Community Centre later this year.'
AFL boss Andrew Dillon was pleased historic elements of Waverley, including a giant mosaic mural, would be retained.
'Waverley Park has had a long history in footy, being the first venue to be designed and built specifically for Australian Rules Football,' Dillon said.
Pictured: Collingwood and Carlton playing at Waverley in the 1980s. The stadium was the first ground to be purpose-built for Australian Rules football
Hawthorn based themselves at Waverley during their four-premiership run from 2008 to 2015, but now have a new headquarters to move into
'The purchase of the ground and facilities is a rare and timely solution that will help with our talent pathways programs, community footy, and umpire development and programs, all of which will now be worked through with the relevant stakeholders.'
Waverley could now be used to host women's games or VFL matches.
The ground - which was the first stadium to be built especially for Australian Rules football - was the scene of some of the game's more noteworthy moments.
Angry Anderson's 'Batmobile' entrance when he delivered the disastrous halftime entertainment at the 1991 grand final has gone down in footy folklore.
In 1996, there was chaos when the round 10 match between the Saints and Bombers suffered a blackout in the third quarter.
Fans lit fires at the ground and TV viewers were treated to Seven commentator and great of the game Malcolm Blight reporting with the aid of a torchlight.
