Three Court of Appeal judges gave the go-ahead today to a multimillion-pound regeneration plan for one of Lancashire's Old Trafford Cricket ground.

A property company said a local authority was wrong to give Lancashire County Cricket Club permission to redevelop the stadium near Manchester - and asked the Court of Appeal to block the plan.

Lawyers for Derwent Holdings, which owns a retail park near Old Trafford, told the appeal court in London that Trafford Metropolitan Borough Council acted unfairly when it gave the plan the green light last year.

But judges disagreed and said the redevelopment should go ahead. They said they would give reasons for their decision at a later date.

Lancashire's chief executive, Jim Cumbes - a former Lancashire quick bowler and West Bromwich Albion and Aston Villa goalkeeper - said the decision was one of the most significant events in the club's 154-year history.

He said redevelopment was essential if Old Trafford was to continue as an international cricket venue.

"This is one of the biggest days in the club's history," said Mr Cumbes, after today's hearing.

"If we don't redevelop then 150-odd years of history would have been in danger of disappearing.

"With redevelopment, I am confident that Old Trafford can continue as an international cricket ground.

"Today's decision means that the work can start and we can get the spades out."

Mr Cumbes said the club aimed to start re-building in September - at the end of the 2011 cricket season - and aimed to have the new ground ready for the 2013 cricket season.