The council is to lease land for a car park to Brighton and Hove Albion for players, staff and disabled fans to use on match days.
Brighton and Hove City Council earmarked the 1.4 acre piece of farmland in Falmer for disposal two years ago.
The council said that it would let the land on a 125-year lease to the club and that on non-match days it would be used for staff and visitor parking.
It will enable 119 cars to be parked next to the Amex Community Stadium.
Councillor Jason Kitcat, the cabinet member for finance and central services, said: “Letting the land to Brighton and Hove Albion will support the football club in its new home at the community stadium and provide the council with income to help us offset government cuts to our budget.
“We support the club in encouraging stadium visitors to use a variety of sustainable transport options.
“This small car park will contribute to that by providing space for disabled fans and disabled visitors on non-match days.”
The council said that it had secured best value for council tax payers by ensuring that the proposed premium for the land equated to the open market value of Park Wall Farm.
It said that use of the land was in line with the existing planning consent for the stadium. This included consent to provide car parking on land that was previously let as part of the Park Wall farm tenancy.
It added that the club was working on a travel management plan to ensure good transport links to the stadium.
This involved encouraging fans to use of public transport and providing parking for disabled visitors.