A deal has been struck between The Cobblers and Northampton Borough Council which will see the authority loan the football club up to £12 million for the redevelopment of the Sixfields Stadium.
The deal will lead to the stadium’s east and west stand being majorly redeveloped by August 2014 - ending years of frustration about delays in the development scheme, which was first announced in 2005.
Cobblers chairman, David Cardoza, said: “We’ve been waiting for this for seven or eight years now, so it’s fantastic to finally reach this stage.”
The stadium development will be funded through a Government-backed loan from Northampton Borough Council.
The leader of the authority, Councillor David Mackintosh (Con, Rectory Farm) said: “This is great news for the town and the Cobblers.
“It’s been a long time coming and it’s been really frustrating for all the fans and everyone involved, but I’m really pleased that we’re now able to announce it.
“It will be very welcome news for the whole town.”
The council loan is due to be approved by the authority’s cabinet next month.
More details of the scheme, including further plans to redevelop the wider Sixfields area, will be announced early on Thursday morning.