Gloucestershire have bought their ground at Nevil Road in Bristol back from Royal & Sun Alliance, the landlords, who originally purchased it in 1976. Since Gloucestershire, who won the C&G Trophy this season, sold the ground to R&SA, they have enjoyed a long leasehold, which would have expired in 2042.
"This is excellent news for us," said Alan Haines, Gloucestershire's chairman. "To re-acquire the ground is extremely important to us, and is something that we have been seeking to achieve for a number of years. This move will help to secure our future and give us significantly increased flexibility in taking the club forward.
"We are grateful for the excellent relationship we have with the R&SA, who have agreed ground advertising with the club for the next five years."
The already-established sports and fitness club is now directly controlled by Gloucestershire, and further investment in the overall sporting facility is expected. Under the terms of the deal, Gloucestershire will not be able to sell the ground within 15 years without the R&SA's involvement.