As a result of the agreement, AFL clubs will share in an addition $5.5 million a year in income from 2010 until the expiration of the lease period in March 2025.
The deal comes just weeks after the AFL and the MCC agreed on a new financial arrangement.
All litigation between the AFL and Etihad Stadium is now over.
In return for the additional funding, the AFL has agreed to boost the number of matches at Etihad Stadium by 130 over the next 15 years.
The agreement also provides Etihad Stadium with greater flexibility in scheduling major entertainment and sports events.
Next February's AC/DC concerts will now go ahead as planned, with AFL CEO Andrew Demetriou suggesting that the first round of the 2010 NAB Cup may be played over a two- to three-week period.
Etihad Stadium will retain all pourage and supply rights for the venue.
A smiling trio of Demetriou, Stadium CEO Ian Collins and Western Bulldogs president David Smorgon fronted the media at AFL House following the announcement.
Demetriou thanked Collins for his efforts in getting the deal done - one he says will help shore up the financial futures of many clubs.
“This is a great day for our clubs who play matches here at Etihad Stadium,” Demetriou said.
“This agreement recognises the importance of our clubs to this stadium. It also recognises the importance of this stadium to our clubs.
“It’s an agreement where we all benefit and we can all now get on with the job of promoting football, and also promoting this wonderful venue.”
Demetriou thanked Collins and the stadium’s management, as well as the work done by AFL clubs.
Collins, the one-time Carlton president, said in the end negotiations “didn’t turn out to be a grab for money”.
“I think it’s a pretty important day for football in general … it’s probably been a tortuous venture along the way,” he said.
“We probably started off something like last June or July looking at what the stadium could do for football and what football could do for the stadium.
“We are a little bit different to other stadiums around the country. This stadium … we’ve got private ownership, superannuation funds that are invested in this stadium and we are a tax-payable entity.
“So we’ve had to balance the investors’ requirements with what the AFL and clubs’ requirements are and are to be in the future, and I think based on that - over a period of time - we’ve come to what I would call a win-win for all parties concerned.”
