Headingley is to get a substantial makeover in the wake of Test cricket being secured at the famous old ground in the long term.

The first change was revealed today with one of Britain's most famous sporting venues renamed the Headingley Carnegie Stadium following what has been termed 'significant investment' from Leeds Metropolitan University.

Yorkshire completed the purchase of their own ground for the first time in their 142-year history, at a cost of £12million, hours before the December 31, 2005 deadline set by the England and Wales Cricket Board when granting a 15-year staging agreement to the club last summer.

Only a handful of weeks ago, the future of the ground as a home to the Ashes-winning English cricket team was under threat.

It was averted via a £9million loan from Leeds City Council and a further fundraising scheme designed to an additional £3million, both to be paid over 15 years, and is now set for considerable redevelopment.

England captain Michael Vaughan, present at Headingley for today's unveiling of the new plans, said: "As a Yorkshire player and England captain it was a bit of a blow to return from Pakistan with a knee injury to find out that Headingley would not necessarily retain international status.

"So to hear on New Year's Eve that it had been secured for 15 years was just the tonic to end 2005 after such a great year for cricket.

"Headingley has witnessed some of the finest moments and battles in world cricket and now supporters of the future can become part of our heritage."

Cash from the naming rights deal - an initial 10-year period which includes a five-year extension option - will go towards the upgrading of both cricket and rugby grounds.

Under the plans, the university's Carnegie faculty will be sited at the ground which also houses Leeds Tykes rugby union club and Leeds Rhinos rugby league team.

Headingley is set for a revamp at two ends of the cricket ground - the biggest project a joint stand with the adjacent rugby stadium.

Now the university is an equal partner with the rugby and cricket sides of the Leeds Cricket Football and Athletic Club, it is hoped the complex will provide top class facilities to help develop stars of the future.

Leeds Met have developed a relationship with the stadium management team over the past few years and the Carnegie Stand at the eastern end of the rugby ground has been constructed in conjunction with the institution.

That will increase the capacity by 4,500 while the cricket ground's capacity will be boosted by 3,000 when the new shared stand - including dual-fronted executive boxes - is built.

In the latter stages of the development plans, a new cricket pavilion is to go up at the Kirkstall Lane end.

Former athlete Brendan Foster MBE, chancellor of the university, said: "This is one of the most exciting partnerships I have heard of in the UK, or even outside the UK for that matter.

"The very fact that kids in the north of England were faced with the prospect of not being able to see an Ashes Test made it so important to get through.

"Every one of us has sat in a crowd or at home in front of the television and had the dream of captaining England whether it be in cricket, football or rugby and this kind of partnership turns dreams into a dream factory."