The redevelopment will see the capacity of Sixfields increase to around 10,000 and will see the addition of a hotel, corporate boxes, a conference centre and more.
"We made a long term commitment in our election manifesto to help Northampton Town Football Club redevelop Sixfields Stadium," said Cllr David Mackintosh, leader of Northampton Borough Council.
"We have agreed a redevelopment partnership with Northampton Town Football Club that involves a housing scheme and small scale, local retail development on land upon which the football club have a 150 year lease, as well as adjacent land near the stadium. We recognise it will take a number of years for the profit from this to come to fruition, so to allow matters to proceed in the meantime Northampton Borough Council will loan the club up to £12 million to allow the redevelopment to go ahead as soon as possible.
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"We know it has been a really frustrating time for the club and its supporters, so we are very pleased to be able to make this announcement.
"There will be some huge changes to the stadium. There will be a new East Stand, and the approach to the stadium will look very different with a new look West Stand, a conference centre and a hotel and it will be an impressive approach to the town for those arriving from the south west and a huge asset for our developing Enterprise Zone."
The deal will be discussed by Northampton Borough Council’s Cabinet at its meeting on July 17.
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