Plymouth Argyle Football Club's (PAFC) chair James Brent has said the club will finally be able to shed its 'Cinderella status', following the approval of plans for a £50m regeneration of its Higher Home Park stadium.

Plymouth City Council's planning committee gave its consent to the plans, which will see the aged venue turned into a regional hub for sport and leisure in South West of England.

Brent hopes the regeneration of the stadium will elevate the club's status, increase its reach in the region and conclusively establish it as the leading football club in the West of England.

Set for completion in summer 2015, the works on the stadium include a new grandstand with additional seating capacity, a wide range of new community and youth sports facilities and an upgrade of the venue's hospitality and retail offering.

There will also be a 60m, competition-standard ice arena with 1,500 spectator spaces; a multiplex cinema; a 120-bedroom hotel and cafés, restaurants and shops.

PAFC chief executive Martyn Starnes said: "Revenue from the new grandstand is as vital to the progress of the club as what happens on the pitch.

"Providing high-quality hospitality for our fans on match-day, and from functions during the rest of the year, will help generate the additional revenue that can be invested in a team to take us back up the leagues."

Work is set to begin later this year, as plans are to keep the grandstand at Home Park open until after a televised game against Portsmouth on Saturday 12 October.

The project is being managed by Akkeron Regeneration, which has appointed Kier Construction as the main contractor.

PAFC chair James Brent added: "Securing planning consent is an important milestone and heralds a new and exciting chapter for Plymouth."