NEW YORK -- The Yankees have agreed to extend the lease for their spring training home at Steinbrenner Field through 2046 as part of an agreement that calls for a renovation expected to cost more than $40 million.

The team moved their spring training camp to Tampa, Florida, from Fort Lauderdale in 1996.

New York says the deal announced Monday must be approved by the Transportation Security Administration board of directors, the Hillsborough County Aviation Authority, Hillsborough County, the City of Tampa, the Hillsborough Community College board of directors and the Hillsborough County Aviation Authority.

The Yankees say the renovation will be funded equally by Hillsborough County through its tourist development tax, Florida' spring training program and the team.

The renovation, projected for completion next March, would include new outfield concourses that provide a 360-degree view of the field and additional shaded and gathering areas. There also would be work at the team's nearby minor league complex.