The deal for the Sixfields ground was signed on Saturday

The club formally took over the ground from Northampton Borough Council during half time at the match against Oxford United on Saturday.

Councillors say the deal will save taxpayers �300,000 a year in running costs.

The Cobblers' chairman and owner David Cardoza is keen to develop the site for the community.

The stadium will now get the level of investment it needs, investment that the council taxpayer simply cannot afford Norhtampton borough councillor Phil Larratt

He said: "I'd like to thank the council for backing us all the way to secure the future of Northampton Town Football Club and establish a firm foundation for sustainable development in the community.

"The council recognises the need for football in the town and knows that the only guarantee of this continuing is to put the club in charge of its own destiny."

Councillor Phil Larratt, leader of Northampton Borough Council, said: "The transfer of responsibility for the stadium to the football club has many benefits for the local community.

"It also means that the stadium will now get the level of investment it needs to be maintained and developed to a high standard, investment that the council taxpayer simply cannot afford."

The third division club will now work with the council and English Partnerships to transform the stadium into a 24 hour business with an increased capacity, a new hotel and conference centre and new leisure facilities.

A public exhibition of the plans will be held later in the year.