Spanish LaLiga football club Atlético Madrid has reached an agreement with the local council to buy the land on which its new stadium is being built.

According to the Reuters news agency, Atlético’s deal with the Madrid City Council is worth €30.4m (£26.6m/$32.3m).

The club has also agreed to spend a further €29.8m on developing the area around the new Wanda Metropolitano stadium, with over 4,000 public car park spaces to be created.

The stadium is being built on the site of the Estadio La Peineta, which hosted athletics events and formed part of Madrid’s unsuccessful bid to host the summer Olympic Games in 2016.

Atlético will hold exclusive rights to the new facility, ruling out the possibility of the stadium being included in any future Olympics Spain may bid for.

The Wanda Metropolitano is due to be ready by September 2017. Atlético president Enrique Cerezo recently dismissed concerns that the stadium would not be ready in time, with work on nearby transport links said to be behind schedule.

The stadium is battling it out with the Olympic Stadium in Baku, Azerbaijan for the right to stage the 2019 Uefa Champions League final. Atlético has reached the final of the competition in two of the past three seasons but lost on both occasions to cross-city rival Real Madrid.

The 70,000-seat Wanda Metropolitano will replace the Estadio Vicente Calderon as Atlético’s home. Atlético revealed the name of the new facility in November as part of an agreement with Dalian Wanda, the Chinese conglomerate which owns a 20 per cent stake in the club.