The Millennium Stadium in Cardiff opened in 1999

Total debts now stand at �55m, of which �45m is to be repaid over 35 years, and permission has been granted to seek a naming rights' sponsor for the stadium.

David Pickering, chairman of WRU and Millennium Stadium, said: "The package has been 14 months in the making.

"It has secured the future viability of the stadium and the WRU as an entity."

The remaining �10m debt is now a non-accruing one, which means the union do not have to pay interest or any repayment on it so long as the stadium remains in their hands.

Hopefully the problems of the past are behind us Millennium Commission chief executive Michael O'Connor

The deal means a lengthy debt to BT has now been paid off, and Barclays Bank remain the only people owed money.

It also gives the Welsh Rugby Union an extra �500,000 in cashflow, which David Moffett, WRU Group Chief Executive, said would be spent wisely.

"Without the support of Barclays, BT, the Millennium Commission and Cardiff City Council, this restructuring would not have been possible," he added.

"We have all worked extremely hard to deal with the myriad of complexities that inevitably arise in such situations.

"This agreement will allow us a level of financial certainty that has not been in place since the Millennium Stadium was opened in 1999."

Millennium Commission chief executive Michael O'Connor added: "The Millennium Stadium is a world class facility but it has been dogged by debts arising from its construction.