The NSW government has walked away from its pledge to completely knock down ANZ Stadium at Homebush, instead choosing to refurbish the venue.
NSW Premier Gladys Berejiklian has backed down on her $2 billion-plus plan to knock down and rebuild two of Sydney's main sporting stadiums.
"The government will be proceeding with a refurbishment option, which ensures we get a world class venue at a half a billion dollars less," Premier Berejiklian said.
The state government won't proceed with a plan to completely knock down ANZ Stadium, instead choosing to refurbish the facility to make it a rectangular venue.
"It means we can do all those things we want to do...and having a better experience for our fans - at half a billion dollar less than what it would have cost us, if we had done the full knockdown and rebuild," Ms Berejiklian said.
The venue holds a special place in the hearts of Australian football fans with it being the site of the Socceroos' famous 2005 penalty shootout win against Uraguay to secure FIFA World Cup qualification for the first time in 32 years, as well as their 2015 Asian Cup triumph.
The ground has also been home to Western Sydney Wanderers and holds the record for largest A-League attendance when 61,880 turned out for the Sydney Derby in round one of the 2016-17 season.
ANZ Stadium has hosted tour matches from European giants Manchester United, Arsenal, Chelsea, Juventus and Tottenham Hotspur.
Despite the ANZ Stadium backflip, the coalition will still demolish and rebuild the Sydney FC's home ground Allianz Stadium at Moore Park.
"Allianz's business case is straightforward and unequivocal," Ms Berejiklian said.
"The only real option for that stadium is a knockdown and rebuild at a cost of around $730 million. And that is what the government is proceeding with."
The Sky Blues will be forced to find a new home for the 2018-19 A-League season with demolition set to begin at Allianz Stadium later this year.