Hamilton has officially announced a settlement in a multimillion-dollar legal dispute with the Tiger-Cats about construction delays and months of problems at Tim Hortons Field Stadium, according to a media release from the city.

The announcement comes two weeks after sources confirmed to CBC News that a tentative deal had been reached.

The settlement follows years of confidential negotiations that began in 2016 and clears the way for the possibility of a professional soccer team.

Most of the details of the settlement are secret, according to a media release from staff. But the city confirmed it covers all claims from parties involved, including compensation to the Tiger-Cats for losses caused by problems with the stadium.

"As a result of the settlement, the city is on budget and has sufficient monies remaining to complete final works at the stadium," adds the city's statement.

This resolution concludes on a positive note a chapter in the city's history. - Fred Eisenberger, Hamilton Mayor

The legal dispute also included Infrastructure Ontario, the 2015 Toronto Pan Am organizing committee and the consortium that built the stadium.

The Ticats sued after the stadium opened months later than expected in 2014, forcing the team to play elsewhere for part of the season. The stadium has struggled with malfunctions since then, and the city is still doing repairs.

Mayor thanks settlement team

"Council and I are pleased with the details of this agreement, and with the work of our settlement team, the contractor, the Province of Ontario and the Hamilton Tiger-Cats," said Mayor Fred Eisenberger in a statement, adding the agreement was reached using only city lawyers.

"They worked hard and in good faith to achieve this resolution with no additional costs for the stadium passed on to Hamilton taxpayers."

Settlement opens to door for pro soccer

The mayor said the city continues to do work on the stadium, including fixes to overhead speakers, leaks, lighting controls, audio and visual systems and "various mechanical systems throughout the stadium."

Eisenberger added "this resolution concludes on a positive note a chapter in the city's history," and called for people to focus on the positive aspects the stadium will bring to the city.

The stadium was home to soccer games during the 2015 Pan Am Games. (The Associated Press)

One of those positive aspects is the possibility of a professional soccer team.

The Ticats signed a stadium lease with the city in 2014, that included one-year rights for a pro soccer team that would be a founding member of the new Canadian Premier League.

But as the lawsuit dragged on, the city decided it would not talk pro soccer until the lawsuits over the stadium were settled.

On Thursday, Tiger Cats owner Bob Young also expressed satisfaction with the settlement and what it could mean for pro soccer in Hamilton.

In a statement that played off the mayor's end of a "chapter" metaphor, Young said the deal allows the team to turn the page and begin working with the city on projects including the Grey Cup and making professional soccer a reality.

He described the stadium as an "outstanding facility" for the city that "produces one of the best fan and event experiences in North America."