The Victorian Government has announced it will fully fund the final stage of redevelopment for Geelong’s GMHBA Stadium at Kardinia Park.

The $40 million funding boost adds to the $102 million the state government had previously committed to the sporting and event venue’s transformation.

The project will involve the construction of a 14,000 capacity, two-tier northern stand to replace the ageing Ford Stand and Ablett Terrace, increasing the stadium’s capacity to more than 40,000 people.

A new northern entry plaza, sports museum, function room and a suite of technology upgrades will also be included, plus a new administration area for stadium and event staff and dedicated sustainability measures.

Home to the Geelong Cricket Club and Geelong Football Club, GMHBA Stadium also plays host to a range of corporate events each year across its 30 corporate suites and function spaces.

Minister for Tourism, Sport and Major Events Martin Pakula said Kardinia Park is a much-loved part of Geelong and Victoria.

“With new and improved facilities and a bigger capacity, the stadium will continue to attract A-grade sport and entertainment to Geelong and ensure that the city’s name is known around the globe,” he said.

Work is expected to begin in the new year.