GEELONG has welcomed the installation of a trust, headed by former Victorian premier Steve Bracks, to oversee the management and operation of Simonds Stadium.

Current premier Daniel Andrews made the pledge of $400,000 to establish the trust at an announcement at the ground on Thursday.

Until now the City of Greater Geelong has been in charge of the stadium's operation, with the Geelong Football Club the unofficial promoter and construction manager of the ground.

Three stages of the ground's redevelopment have been completed. Stage four is due to start at the end of the 2015 season, while the northern end of the ground is due for an upgrade before the decade is out.

The Bracks-led trust will help to oversee the rest of the development, while also looking at different ways of maximising the stadium's arena for other events.

Cats CEO Brian Cook said Andrews' commitment would create plenty of benefits for the Geelong community and the club itself.

"When I think back to 1999, there was three or four of us who put a master plan together," Cook said at Thursday’s announcement.

"When you think that 20 years later we’re going to finish that master plan, (where) you put a vision into reality, it’s a huge accomplishment.

"We have to thank the current state government for their vision and foresight in seeing that this needs to be completed for the sake, not only of the users here, but for the community in general, because it really is a community asset."

After winning the state election late last year, Andrews committed $70 million to finish the ground's redevelopment.

The Simonds Stadium trust will function similarly to the Melbourne Cricket Ground's model and Bracks – a well known Cats tragic – will be in charge of ensuring the ground's planned works are met.

Andrews' announcement is seen as vital for Geelong's association with the stadium after the club's proposed Armstrong Creek training base was all but abandoned due to a lack of appropriate funding.