HUDDERSFIELD Town has won back its original share in the Galpharm Stadium.

Councillors allowed the transfer last night – opening the way for a £100m development at the site which could create hundreds of jobs.

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

Kirklees Council has another 40% while the Giants have 20%.

But in 2005 then-Town chairman Ken Davy transferred the football club’s stake to his company Huddersfield Sporting Pride.

He said the move was necessary to protect the Terriers from the stadium’s debts.

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

But the deal needed the consent of the third stakeholder – the council – before it could go through.

Kirklees Cabinet finally agreed to allow the transfer at a meeting at Huddersfield Town Hall last night.

Council leader Clr Mehboob Khan said: “Kirklees has the long-term interests of residents and the two sporting clubs at heart.

“All three parties have been involved in constructive discussions to the point where I believe we have now reached a satisfactory conclusion, without any adverse impact on the finances of the council.” Speaking yesterday afternoon before the deal went through, a Town spokesman said: “As long ago as January, 2010, Huddersfield Town and Dean Hoyle reached an agreement with Huddersfield Sporting Pride Limited – a company owned and controlled by Huddersfield Giants chairman and former Huddersfield Town chairman Ken Davy – that a 40% shareholding in KSDL be transferred back to the football club.

“Over the last 20 months there have been constructive discussions between Huddersfield Sporting Pride, Kirklees Council, KSDL and Town to reach an agreement whereby Kirklees Council would grant consent for the transfer.

“We hope the Cabinet meeting results in a change of position and that Town can once again rightfully return to owning a 40% shareholding in the stadium, which has been its home since 1994.”

The Examiner understands that last night’s move will not affect matchday revenues.

However, the deal will bring stability to KSDL, allowing the company to work with other investors to make the ambitious HD One plan a reality.

In January, 2010, Kirklees councillors gave planning permission for the £100m development at the Galpharm.

The complex will create 912 jobs and will include a ski slope, casino, dozens of bars and restaurants and a hotel.

There will also be two night-clubs, a bingo hall, shops and 140 flats on the 11-hectare site.

The complex will be built on land around the Galpharm, including the golf driving range and the car parks.

Timeline of events

November, 1991:  Kirklees Council,  Huddersfield Town  and Huddersfield  Rugby League Club  form a unique  partnership to  create a stadium  complex

August, 1994:  Town play their first  match at the new  McAlpine Stadium,   losing 1-0 to  Wycombe  Wanderers

March 31, 2003:  Town are placed  into administration  at Leeds High Court

July 31, 2003:  Huddersfield Giants  chairman Ken Davy  completes the legal  paperwork for the  buy-out of the  stricken football  club

April, 2005: Town  and the Giants  transfer their  shares in KSDL to  the newly formed  Huddersfield  Sporting Pride Ltd.  Mr Davy says the  transfer will protect  both clubs from any  cash risk carried by  the stadium  company, which  has debts  exceeding £8m

April, 2008:  Greeting cards  tycoon Dean Hoyle  is named as the  new owner and  chairman-elect of  Town

December, 2009:  Mr Davy agrees to  transfer the 40%  stake in KSDL to  Town from  Huddersfield  Sporting  Pride – as  long as  Kirklees  Council  gives the  go-ahead.