The board of directors will now instruct the club’s team of construction professionals to submit a full planning application as soon as possible with a view to build the new North Stand in the summer of 2015.

Acting chairman Tony Hewitt said: “We have worked hard to put ourselves into a position where a full planning application can be submitted without any further delay, including having all of the plans drawn up, conducting a full public consultation and pre-planning submissions, and completing important deals to purchase the land at the north end of the stadium which would enable the stand to be built.

“It is also important to remember why we have taken our time, making sure that the club’s long-term sustainability remains unharmed.

“This time next year we will have paid off all our debts from our previous developments, and by building the new North Stand in 2015 we will be ideally placed to reap the rewards of the next Rugby World Cup, which of course has matches being played in Milton Keynes and will see the sport’s profile dramatically increase in the area.”

The club has signed Lions heroes George North and Alex Corbisiero for the new season.

Northampton Borough Council leader David Mackintosh said: “Maintaining a long-term viability and ensuring that the club continues to be a focus of top class sport in Northampton has been a long-standing commitment of the Saints management.

“It speaks volumes that in a climate where professional sports clubs have taken on more and more debt that the Saints are actually in a position where they are about to become debt-free.

“This makes me confident that an investment from the Borough Council would be well placed.

“Not only is the Saints on a solid financial footing, but the expanded Franklin’s Gardens would enable the club and the town as a whole to benefit from Rugby World Cup 2015, bringing more people into Northampton to watch top class rugby.

“With their plans already drawn up and the planning process already well on its way I am looking forward to seeing the new North Stand be built sooner rather than later.”

The new stand will include 1,900 seats, a new Members’ Bar on the ground floor, an enlarged hospitality suite, 10 executive boxes, a state-of-the-art control room, TV studio and improved access and viewing areas for disabled supporters.

When it is completed, the North Stand will increase Franklin’s Gardens’ capacity from its current 13,591 to 15,500.