Northampton Town have revealed plans for a £12million redevelopment of their Sixfields stadium.

The Cobblers' home, which opened in 1994 and is owned by Northampton Borough Council, will see its capacity increase by 2500 to around 10,000 while a hotel and corporate and conferencing facilities will also be built in time for the 2014/15 campaign.

"We made a long-term commitment in our election manifesto to help Northampton Town Football Club redevelop Sixfields," said 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 £12million to allow the redevelopment to go ahead as soon as possible.

"The loan we are making to the football club is not money from the tax payer. As a public authority we have access to funds that the football club don't have and the developments will pay for the stadium improvement. Until then, this loan will allow the club to get started.

"We envisage planning applications for the stadium being submitted this autumn, with a new look stadium ready for the start of the 2014/15 season, or just after. This is great news for Northampton."