The £1.2 million purchase will see the original track installed almost 30 years ago replaced as it worn and at the end of its useable life.
A replacement will ensure Birmingham is well-placed to achieve its aim of hosting more major international sporting events in the coming years following the Birmingham 2022 Commonwealth Games – and help support the city’s events and hospitality industries by providing the infrastructure that ultimately acts as a catalyst for those sectors.
The Cabinet report also details the fact that the track will only be purchased once any contracts are secured for future indoor events.
Cllr Ian Ward, Leader of Birmingham City Council, said: “The city of Birmingham is one of the pre-eminent locations globally for indoor and outdoor athletics, having staged two fantastic Indoor World Championships in 2003 and 2018.
“This is a competitive sector of the events market and we need to ensure we can offer international federations and governing bodies the best facilities if they are to continuing coming here.
“We know that competitors and spectators love their time in Birmingham and this investment will ensure there are many more memorable events in the future, supporting the many local businesses in the events and hospitality sectors, which have been devastated by the impact of COVID-19.”