The chairman of Northampton Town has vowed to meet the three-week deadline set by the borough council to repay the £10.25 million deal.
The Chronicle & Echo exclusively revealed this morning that the council had issued legal papers to the club calling for the loan to be repaid within 21 days or face legal action. The council said the club had missed the last two payments and the council had lost confidence in the club’s ability to pay back the loan.
In a statement issued by the club, chairman David Cardoza said he appreciated it was alarming news for fans.
“I understand the news today is alarming for supporters but it is a deadline we intend to meet,” he said.
“Talks regarding the takeover are taking longer than anyone would have hoped but they are progressing and are close to being concluded but it is a complex, legal situation that takes time,” he said.
“That is frustrating for everyone but that is the situation. We fully intend to complete the takeover with the proposed new owners but there is significant other interest in the club should things change.
“We completely understand the urgency to bring matters to a conclusion and it is our intention to have the debt repaid.
“I would like to thank supporters for their patience, we have a big game at Sixfields on Saturday and the players and Chris Wilder need their support in what will be a tough game against the league leaders.”