The Eagles have secured a £6m investment to build a main stand incorporating a 50 bed hotel, restaurant and hospitality facilities along one side of the ground.

Their return to the site of the old Don Valley Stadium will be helped by developing joint facilities with Sheffield’s second University Technical College within the stadium complex.

Additional funding has also been agreed for a top quality synthetic pitch similar to those used by Saracens and Newcastle Falcons in Rugby Union’s Premiership.

The pitch will also be used by the school and the UTC for their PE and Sport needs and be available for community use.

The Park scheme will also provide a 3,000-capacity arena for the Sheffield Sharks basketball club.

Organisers say the Park – a joint venture between Sheffield Hallam University, Sheffield Teaching Hospitals, Sheffield City Council and the private sector – has already attracted nearly £40m of investment and a further £10m is being sought from the Regional Growth Fund.

Plans for the new Legacy Park are well advanced and the first phase of the redevelopment is already underway with the building of a new through school catering for children from 2 to 16 years.

The school will open its Primary phase in September 2015, with the Secondary phase opening a year later.

At the same time, Sheffield’s second University Technical College will open on the same site, specialising in human sciences and digital technologies.

Ian Anniss, Sheffield Eagles Director of Community, Development and Education, said: “When we heard that Don Valley was to close we realised that this could be a terminal blow to Sheffield Eagles as a club.

“So we rolled up our sleeves, thought creatively and formed partnerships with others who have shared a common vision of securing a long-term legacy in sport, health and well-being for the site.

“The new stadium will be like no other in this country, in that it will be designed and managed to have multiple uses that reflect the needs of the broader community as well as being a top class facility for performance rugby of both codes.

“Unlike many sports stadia that has limited uses this one will be constantly in use – for educational and research purposes, community activities, sports development and health and well being support, as well as a venue for professional rugby – and Sheffield Eagles are proud to be part of that as a true community club.”