Ebbsfleet United Football Club's Stonebridge Road stadium has been bought by Gravesham Borough Council.
The ground, which had been owned by Land Securities, was due to be auctioned next week and the club was trying to raise funds to buy it.
Gravesham council said it had stepped in to buy the freehold and would extend Ebbsfleet United's lease and charge the rent of just £1 per year.
The Blue Square Premier club's chairman Duncan Holt said he was delighted.
He added: "Obviously we will redouble our efforts to raise the money ourselves but to have this option leaves the football club in a very strong position.
"We would like to thank the council for helping us put this together under some very tight time constraints."
Councillor Mike Snelling said: "We have taken decisive action to resolve a huge problem which was threatening the very existence of our local football club.
"This gives the opportunity to secure the club's long-term future as well as protecting the site in community as a major sporting asset.
"I am delighted that we have been able to have done this in this financial climate. We have been able to proceed with this by using reserves at no charge to the council tax payers of the borough."
The ground will be withdrawn from the auction following the completion of the sale on Thursday.