Plymouth Argyle have completed a £2.7m deal with the city council to become the sole owners of Home Park.
Plymouth can finally call their Home Park ground home
The Pilgrims chairman Paul Stapleton said: "This is an important day in the history of Plymouth Argyle.
"For the first time since there's been an Argyle team playing at Home Park, we can truly say it is now our ground."
The purchase of the ground means Argyle can now push ahead with their plans to rebuild the Mayflower Stand, the last stand to be redeveloped at the ground.
Three sides have been rebuilt to a single-tier, fully-covered stand and once the Mayflower Stand is completed, Home Park will hold 18,600 fans.
The fact Plymouth have been able to raise the capital to buy the ground is a testament to the club's success over the last five-and-a-half seasons.
The club has risen from the depths of the old Division Three to establish themselves in the Championship, where they are currently 12th.
Stapleton added: "While we have been working on buying Home Park, we have also been planning for the on-field future with (manager) Ian Holloway.
"We are all fans first and, just like any other member of the Green Army, we want the best for Argyle."