The Bowl stadium and its car park are to be offered to the Manx government by Douglas Corporation, for re-development in time for the Commonwealth Youth Games.
A compromise deal was agreed by the council this afternoon, handing over both facilities for a nominal one-pound sum.
That's on condition the local authority can continue to run the car park as a weekday pay-and-display.
The government had given them an ultimatum, that without the car park there was no deal.
Council leader David Christian says the council risked losing a major new facility for the capital:
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