The planned purchase of Dalymount Park has been unanimously supported by Dublin City councillors.
Some of the elected members expressed concern that Shelbourne FC was not involved in the deal as the club is still facing debts.
Dubin City Council Deputy Chief Executive Brendan Kenny said the council had tried its "level best" to get Shelbourne on board.
He said the lease on Shelbourne's Tolka Park stadium is held by developer Jerry O'Reilly and it had not been possible to do a deal.
Mr Kenny said Bohemians would still have around €1 million in debts after they received the €3.8 million for Dalymount.
The deal will involve Bohemians staying in the stadium, which will be redeveloped as a municipal sports centre possibly with some private development.
Mr Kenny said the deal would ensure the survival of Bohemians, which was founded in 1890, and the retention of Dalymount Park that hosted international soccer matches from 1924 to 1990, which "has been graced by the best footballers of their time if not ever".
He said the deal follows three years of negotiations with the directors of Bohemians and Shelbourne who approached the city council after their financial position had become "very precarious".
The deal has now been confirmed with Bohemians who have reached agreement with their main creditors and it is now finalised subject to contracts.
Bohemians will use the money to pay off debts with Zurich Bank.
It is understood that Shelbourne are not involved because of difficulties getting agreement on the lease, which is owned by developer Jerry O'Reilly, as well as the opposition of some fans.
Lord Mayor and local councillor Christy Burke welcomed the deal, which will also involve local junior clubs playing in the ground.
"It is a good future for everyone" he said.
The council has said it intends to look for Government funding to redevelop the stadium and will consult with the local community, the Dublin Institute of Technology and all other interested parties.
The report also states that a soccer museum will be considered for the site.
The purchase of Dalymount Park is due to be raised at this evening's monthly meeting of Dublin City Council but the plan does not require the support of the elected members.
