The money will be used to build two new underground carparks for the revamped 50,000 seat stadium.
Prime Minister Julia Gillard made the announcement at the Adelaide Oval this morning.
"We want to make sure the benefits of this once-in-a-lifetime upgrade doesn't just benefit sports fans," Ms Gillard said.
"This redevelopment will benefit the whole city, from tourist operators to residents who live nearby.”
The oval redevelopment will bring AFL football to the city from 2014.
The state government has already committed more than $500 million for the work.
The Federal Government money will go towards a 300-space car park beneath the new eastern stand and a 75-space car park beneath the indoor cricket centre at the oval's southern end
