Accington Stanley Community Trust is to be granted a new 99-year lease on Higham Playing Fields.
The moved was agreed at Hyndburn Council's Cabinet on Wednesday.
It replaces an existing 30-year lease on the council-owned land granted in 2019 to allow the construction of its £2 million community sports hub.
The new agreement will permit the Accrington Stanley Football In The Community Trust to apply for grants to further developments at the site in the town's Thorneyholme Road.
A report to Wednesday's meeting said: "ASFCT have invested significant sums in the site since 2019.
"The initial £2m referred together with a further £1.5m to improve the playing facilities and also to extend and improve the pavilion provision.
"The pavilion is now able to offer indoor accommodation on a sessional use basis for community sports groups (for example, yoga, pilates, zumba etc) as well as classrooms offering full time qualifications, employability courses and training, meeting rooms, conference facilities and a community café.
"As a result of this additional investment and planned future investment, ASFCT have requested an extension to their existing term.
"This would give them further security and could also open additional funding streams.
"The additional investment has also meant that ASFCT can offer the facility to the wider community of Hyndburn.
"Ancillary to the community use is the ability to offer occasional commercial use including business conference facilities, first class training facilities to Accrington Stanley Football Club first team, other professional teams, room hire to non-community or non-sporting uses etc. which would generate a source of income to be invested into the site provided this does not adversely affect the primary purpose as a community facility.
"The base rent shall be £1 per annum from the commencement date until May 9, 2024, and then £1,000 per annum until May 9, 2049. The base rent shall be subject to review on May 10, 2049, and on every 25th anniversary thereafter in accordance with the retail price index."
Hyndburn regeneration boss Cllr Kath Pratt said: "I want to express my personal delight in the council's support for local community groups who promote sport such as Accrington Stanley Football In The Community Trust Ltd and the work they do to improve sports facilities across the borough.
"This means more and more residents have access to state of the art sport and leisure facilities."
Council leader Cllr Marlene Haworth paid tribute to the work of the trust and its impact on the health and fitness of borough residents.
Labour opposition leader Cllr Munsif Dad welcomed the move and praised the 'immaculate' facilities at Highams.
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