HUDDERSFIELD Town says Kirklees Council’s new financial deal for the Galpharm, Stadium is a positive move forward.

The new funding package, which will mean big savings for local taxpayers, was agreed at a meeting this week between Kirklees Council and Kirklees Stadium Development Ltd.

No details were released but it is understood it will free the council from costly regular payments totalling tens of thousands of pounds to the stadium although the council will still have a financial commitment.

Huddersfield Town chairman Dean Hoyle is a director of KSDL.

A statement from Huddersfield Town said: “The settlement had been negotiated between the council and KSDL during the summer of 2011 (finally gaining council cabinet approval in August) in order to obtain council consent for the transfer of KSDL shares to HTAFC.

“It took into account the renewed partnership spirit and impetus that a return of the shares to HTAFC would bring to the short and longer term prospects for KSDL, the stadium and its trading.

“At the same time, it reflected the pressure on the council and KSDL.

“As reported elsewhere, the settlement commutes the annual revenue payment from the council, which it was obliged to pay to KSDL for years to come and replaces it with capital contributions to be made under agreed conditions. The refinancing deal reduces the council’s financial obligations to KSDL.’’

The report adds: “As a club we very much welcome council leader Mehboob Khan’s unequivocal statements following the deal that the council:

l Looks forward to the return of the original spirit of partnership with the premise of shared ownership.

l Are very clear that the original concept for the stadium with shared ownership with no one party having overall control is the right one.’’

The statement concludes: “This is a step forward in our view.’’

Town originally had a 40% stake in Kirklees Stadium Development Limited (KSDL) which runs the Galpharm.

Kirklees Council holds another 40% and the Giants had 20%.

Businessman Ken Davy changed the arrangement in 2005, two years after taking control of crisis-hit Town.

He transferred the football club’s stake to his company Huddersfield Sporting Pride, saying the move was necessary to protect the Terriers from the stadium’s debts.

Mr Davy agreed to transfer the shares back to the football club as part of the deal, which saw Dean Hoyle take over as Town chairman in 2009.

But the deal is yet to go through and the latest negotiations failed shortly before Christmas.