However, details of the deal - including a final sale price - would not be made public until after they were presented to councillors in the closed part of next week's full council meeting, Mayor said yesterday.
He confirmed the paperwork had been signed following a meeting of the council's venues hire and licence agreement subcommittee yesterday morning, but declined to release further details ahead of Monday's meeting.
"All the information will come out then. It's a process thing," Mr Chin said.
Among details expected next week was the final cost of purchasing the ground, which was understood to be about $7 million.
Otago Rugby Football Union chief executive Richard Reid declined to comment yesterday ahead of Monday's announcement.
