Birmingham City Council (BCC) and Stoke-on-Trent City Council (STCC) have become the new owners of the Staffordshire Hoard after £3.3m was transferred to the British Museum.

The two local authorities are now looking to raise a further £1.7m to help research and conserve of the 3,000 pieces of gold, which date back to the sixth and seventh centuries. Metal detectorist Terry Herbert and the farmer who owns the land on which the hoard was discovered in June 2009 are now in line to receive a 50/50 split of the money.

Martin Mullaney, cabinet member for leisure, sport and culture at BCC, said: "It was a great achievement to secure the Hoard for the West Midlands region and raise the necessary £3.285m to return the hoard to its rightful home. "The work really begins now for our museum experts to conserve and display the hoard for the public to see for generations to come."

Hazel Lyth, cabinet member for adult social care, sport, leisure and culture at STCC, added: "Unlocking its secrets is an exciting challenge and will tell us so much about this little known period of our history. "Just as important are the opportunities it offers to benefit the region through tourism, learning, creativity and design."