Northampton Borough Council has set out a timetable for how it will spend the £7.7 million it received from the sale of the Egyptian statue Sekhemka.
A year ago the ancient statue, which had been in storage at Northampton Museum, was auctioned at Christie’s and collected a price of £15.76 million.
As part of a deal with Lord Northampton, the borough council received 55 per cent of the asking price.
The council is planning to use the money it received from the sale to fund an expansion of the museum.
A paper due to be discussed at a cabinet meeting on Wednesday states the council received £7.7 million from the sale and is currently in the process of procuring the old Gaol Block from Northamptonshire County Council for £900,000.
The council will then spend a further £6.8 million during the next four years on the museum, expansion, including £150,000 in 2015/16, £645,000 in 2016/17, £5.775 million in 2017/18 and £229,500 in 2018/19.
Councillor Mary Markham, leader of Northampton Borough Council said: “The report shows how we are investing the money that has been ring-fenced from the sale of Sekhemka. The expansion of the museum is set to be another exciting Northampton Alive project that enhances our town’s Cultural Quarter.”