Rangers have been given the go-ahead for a £350million development at Ibrox. Rangers chairman Sir David Murray will now begin a search for partners to back the development.
A club spokesman said: "This is a significant step forward in an exciting project that can have a major impact in regenerating the Govan area and delivering real benefit to the whole of Glasgow, particularly in view of the Commonwealth Games coming to the city."
The proposed plan includes transforming flats in the Hinshelwood area near the stadium into a complex which will include a hotel and shops.
Murray conceded the current economic climate could create problems but insisted it would reap financial rewards for Rangers.
Murray urged: "Let's be positive and hope both that the economy is in better shape and we find suitable partners to work with us."
A further project to develop the stadium itself had been put on hold due to the financial downturn, he added.
Approving the scheme on Friday, the council's executive committee welcomed it as a boost to regeneration in the area but called on the club to come up with "detailed timescales for the masterplan".
A spokesman said: "The Ibrox redevelopment proposals are part of the overall regeneration plan for the Govan area.
"At times when markets are experiencing difficulties, the council needs to be more adventurous about how it uses its own land to encourage economic development and generate investment."