Tooting Constitutional Club - thought to be nearly 300 years old - has been protected by a special order.
Concern: Campaigners last year looking to save the club
The council has named the historic Tooting High Street building as an asset of community value (ACV).
This means that if the current owners sell the building they have to give the community a chance to buy it, with a six-month window to raise the funds.
The owner does not have to sell to a community group but the ACV designation improves their chances of raising the necessary funds by effectively triggering a six-month moratorium on the sale.
The site was established in 1917 as a working man's club and houses a billiards room, skittle alley and bowling green. The building dates back to about 1730 and is one of a few still standing that date back to a time when Tooting was a small Surrey village.
Throughout the years it has served as a social club for the community.
Finance spokesman Councillor Guy Senior said: "This historic building has played a significant role in the story of Tooting. Because of this the council believes the local community should have a greater say in the next chapter in its history.
"Our decision to list the constitutional club as an asset of community value means that the building cannot be disposed of without the local community being given a chance to save it."
Local politicians, including MP Sadiq Khan, and Tooting History Group submitted an ACV application to try to protect the building from being demolished in the future. Last year they battled to stop it being turned into a carwash.
Constitutional club: Has billiards, skittle alley and bowling green
Mr Khan said: "This is fantastic news for our campaign to protect such an important part of Tooting’s history. Not only will the ACV status help provide planning protection against demolition, but it also gives the community chance to bid for the site should it come up for sale."
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