It plans to rebuild Huntingdon Stadium using enabling funds from the development of two superstores at Monks Cross.
The new 6,000 all-seater stadium will become the new home of York City football club and York Knights rugby league club.
The retail development for Marks and Spencer and John Lewis superstores will generate cash to build the community stadium and nearby athletics track.
Richard France, spokesman for Oakgate, said the John Lewis store should open in autumn next year, the Marks & Spencer store the following spring, and the stadium in season 2014/15.
Around 275 construction jobs will be created during the 18-24 month construction phase and Oakgate has committed to using local contractors wherever possible.
But the council must now wait to see whether Communities Secretary Eric Pickles will ‘call in’ the application for review.