Plymouth Pavilions transferred to Argyle's James Brent
Ownership of the entertainment venue, the Plymouth Pavilions, has been transferred from the city council to the owner of Plymouth Argyle.
James Brent's £83m regeneration plans include a larger concert area.
He will also build an ice rink near Plymouth Life Centre - one of the sale conditions stipulated by the council.
The rink is expected to open in 2014, with work starting later on the Pavilions, a spokesman from Mr Brent's company Five Directions Ltd said.
In 2010 Plymouth City Council decided to sell off the subsidised Pavilions as part of its efforts to save £30m.'Centre of excellence'
Mr Brent said: "We are delighted to have completed the acquisition of the Pavilions.
"This is another important step in establishing Plymouth as the centre of sporting, leisure and cultural excellence."
The Labour-controlled council leader Tudor Evans said: "Today marks a significant milestone in what will be one of the biggest investments in Plymouth for many years.
"These are hugely exciting plans that will not only deliver more high quality sport and leisure facilities in Plymouth but also provide a welcome boost to the regeneration of the city centre's West End, as well as the local economy."
Mr Brent's plans include a residential and retail development, sport and leisure facilities to complement the Plymouth Life Centre and a proposed new grandstand at Plymouth Argyle's Home Park.
He said the ice rink at the Pavilions - the only permanent one west of Bristol - would remain open until the new rink was built.