Debate had raged for months ahead of the crucial poll of South Australian Cricket Association members on the proposed redevelopment, creating some doubt whether the 75 per cent 'yes' vote required to pass the initiative would be achieved.
However, that mark was eclipsed on Monday night with just over 80 per cent of the 12,500 members giving their approval to the plan that will see the Adelaide Crows and Port Adelaide play homes games at the ground from 2014.
"It's a decision, from a historical perspective, that will transform South Australia," Demetriou said from AFL House on Tuesday.
"This is a significant announcement with $535 million provided by the State Government to transform Adelaide Oval into one of the most iconic stadiums in this country.
"It's a monumental decision and one that could not have been achieved without the support of the State Government.
"On behalf of the AFL, I want to thank the Premier Mike Rann, former Treasurer Kevin Foley, Pat Conlon - the Minister for Infrastructure - and all members of the government for their absolute commitment to this project."
The League boss went on to thank SACA chairman Ian McLachlan, as well as his SANFL counterpart John Olsen, and their constituents for their efforts in passing the historic vote that will transform the storied venue on the banks of the River Torrens.
"It was a courageous decision," Demetriou said.
"It will see a new body formed, a joint venture between cricket and football, a stadium management authority that will oversee the running of this stadium.
"It will transform the precinct. It will invigorate the CBD. There's a footbridge being built that will connect the city to the stadium. There's lots of other work planned around the whole precinct and it's just going to be a really exciting and vibrant part of South Australia."
The AFL has committed to build on its strong record of investing heavily in infrastructure projects with a significant contribution to the Adelaide Oval redevelopment.
Demetriou said the exact size of that investment would not be known until the tendering process was completed.
The move away from AAMI Stadium at West Lakes is expected to provide a huge financial boost to the cash-strapped Power.
But Demetriou said both AFL clubs would benefit greatly from an improved stadium deal with some estimates putting the windfall at an extra $3.5 million a year for each club.
"The upside in revenue terms for both clubs is significant," he said.
"For Port Adelaide it gives them some comfort to plan going forward now and for the Adelaide Crows - it's a significant decision for them too.
"They need it too because if they want to compete at the higher end in a very difficult competition they need this redevelopment. I think both clubs will do well out of this arrangement.
"Port Adelaide needed the arrangement and I think the nine SANFL clubs will do well out of it as well. I think, in general, South Australian football will be the huge beneficiary."
