Four parties involved in the planned redevelopment of the iconic Jingu Stadium and Prince Chichibu Memorial Rugby Ground in central Tokyo signed a basic agreement Thursday on the project expected to run until around 2030, sources said.

Meiji Jingu Gaien, the Japan Sports Council, Mitsui Fudosan and Itochu Corp. agreed in principle to the redevelopment, which follows the reconstruction of the nearby New National Stadium for the 2020 Tokyo Olympic and Paralympic Games.

Under the plan, the two stadiums will be completely demolished and rebuilt in stages following the games.

The parties say the plan will minimize the amount of time land is left vacant and avoid disrupting the baseball schedule at Jingu Stadium, home to Nippon Professional Baseball's Yakult Swallows.

Starting in 2021, the secondary baseball stadium at the Meiji Jingu Gaien complex will be demolished to make way for the new Prince Chichibu Memorial Rugby Ground.

Following completion of the new rugby ground in 2024, the old Chichibu ground will be torn down, with the site to be used for construction of the new Jingu Stadium by 2027.

To raise money for the project, the owners will sell unused portions of land for commercial development, possibly including a hotel, with all projects to be completed around 2030.

The New National Stadium, the main venue for the 2020 Games, is scheduled for completion by this November.