Manchester City Council have given the go-ahead to the Belle Vue Sports Village which will include a new stadium for the Belle Vue Aces.
The Aces, one of the biggest names in world speedway, have long been looking for a purpose built home since their former stadium at Hyde Road was shut in 1987.
They have been riding at Kirkmanshulme Lane dog track since they left their previous track but now a new stadium, located just a few hundred yards away, is to be built and it is planned to be open by March 2014.
The Aces management have been working for years on the plans, and now their dreams have been realised after the project encompassing the new speedway stadium was approved.
The stadium will become the new National Speedway Stadium and also include a National Speedway Academy and will be a 6,500 capacity venue, with potential for additional temporary seating for larger events.
David Gordon, the club's chief executive officer, said: "This is a red letter day in the long history of the club. It marks the start of a new era and gives speedway in Manchester a massive future."
Club legend Chris Morton, who is now the chief operations officer, added: "I have dreamed of the Aces having a new stadium ever since the one at Hyde Road closed in 1987.
"This is a brilliant day and the reward for so much hard work."