Bulls chairman Peter Hood last night hailed the sale of Odsal Stadium to the Rugby Football League as “priceless” in securing the club’s future at its iconic home.

It was announced yesterday that the RFL have paid the club an undisclosed sum to buy the famous ground, taking over the lease from the Bulls, who will now be housed at the venue they occupied since 1934 as tenants rather than owners.

Hood welcomed the financial boost to the club’s coffers and said the deal would spell the end of any predatory moves for Odsal.

Hood told the Telegraph & Argus: “The Bulls approached the RFL with the idea, which was subsequently explored and developed over several months.

“It’s a deal that the RFL has done on its own merits and in the interests of the wider game.

“We have sold them our lease for a capital sum and then we have entered into a new agreement to rent the ground back from them.

“From our point of view, everything about this deal will benefit the club in terms of securing our future at Odsal and ensuring that we retain our spiritual home.

“There is not a downside to this deal as far as we are concerned.

“The opportunity to safeguard the Bulls’ future at Odsal is priceless – that sums up how important it is.”

Businessman Steve Parkin spoke last summer of a plan to take over both the Bulls and Bradford City and form a joint sporting club in a new stadium, but nothing materialised.

Hood added: “There have been several occasions where we felt that we were the subject of an approach whereby the party was primarily interested in our land, located right off the motorway and a gateway to the city, and turning it into profit.

“In other words, not interested in the club first and foremost.

“This deal protects us from that because we no longer own the land; the RFL own the land for the very long-term for the benefit of the club and the wider game.”

Hood denied that the injection of cash arising from the sale of the lease was needed to keep the club afloat.

He added: “There’s a welcome financial side effect because we are in difficult financial times and it’s useful to have that kind of transaction.

“But the primary motivation is about securing Odsal, and putting into the ownership of the Rugby Football League is the best way of doing that.”

Hood said the recent collapse of plans to turn Odsal into a sporting village was a factor in the decision to look for a buyer, adding that the sale to the RFL would enable the club to face the future with confidence.

It is understood that the RFL have no immediate plans to upgrade Odsal’s facilities or use the stadium as a venue for international matches.

The Bulls recently failed in their bid for Odsal to stage a 2013 Rugby League World Cup match.

The RFL already own the ground of Keighley Cougars and have stakes in several other stadia.

RFL chairman Richard Lewis said: “We have paid market value for the stadium and the Bulls will pay market-value rental to the RFL to play their home fixtures at Odsal.”

Bradford Council leader Ian Greenwood told the Telegraph & Argus that the authority had not benefited financially from the deal and that is was simply a matter of their permission being sought for the handover due to them being the freeholder.

He said: “It’s great news for Bradford Bulls, their supporters and for Bradford itself because the Bulls are an integral part of the infrastructure of Bradford.

“It means that rugby league will be played at Odsal for the foreseeable future. We hope that this will allow the club to put their financial worries behind them and look to rebuilding themselves as the best rugby league team in Britain.”

News of the deal was welcomed by Bradford South MP Gerry Sutcliffe, who said he was delighted with the news.

“I think this is a positive step and I look with interest to what the plans are for the future,” he said.

“I am surprised because I was not aware of this sale at all.

“I think we have always said over the years that where the stadium is situated, because of the proximity to the motorways, means that it could be a great jewel.

“I am delighted that the Rugby Football League saw that positivity and now we need a discussion with them about the longer-term future.

“The RFL have always been interested in Odsal Stadium and now they have put their money where their mouth is.”