Bulls chairman Peter Hood say money from the sale of Odsal Stadium will not be used to pay off debts but be ploughed into the working capital of the club.

The Rugby Football League have paid an undisclosed sum for the famous ground.

The Bulls will now become tenants of the home they have occupied since 1934 but say the sale ensures their future at the ground.

Hood admitted he made the initial approach to the game’s governing body but denied it amounted to selling the club’s crown jewels.

“It’s about securing the future of the club,” he said. “The money is not unwelcome in very challenging times for almost every business.

“It will go into the working capital of the business. We are already committed to spending up to the salary cap so we won’t be buying any more players. Day to day, it will not make any difference to the running of the operation.”

Hood said the club’s debts were “manageable” and the club would have carried on as normal had the sale not materialised.

He admitted the recent collapse of long-standing plans to turn Odsal into a sporting village was a factor behind the decision to look for a buyer and he expressed the hope that the sale will trigger some development in the long term.