Northampton Town chairman David Cardoza has announced he has sold Cobblers to Kelvin Thomas after weeks of fraught negotiations.
In the last few minutes Mr Cardoza has announced he will be signing over his controlling share of the club to former Oxford United chairman Mr Thomas.
Mr Cardoza said: “We had to iron out some wrinkles today, but the deal has been done and is just subject to getting the paperwork sorted
“I am delighted to be selling to Kelvin, he is a great owner for the club and I’m looking forward to seeing it progress under his stewardship.”
Mr Thomas has been contacted for a comment and is understood to be preparing a statement.
Northampton Borough Council, which is owed £10.25 million by the football club has also announced it has reached a memorandum of understanding with Mr Thomas as to how it recovers that money.
A spokeswoman said: “We have worked hard with Kelvin Thomas over several weeks to try to reach agreement over the debt owed to us by the football club and have developed a memorandum of understanding that is subject to agreement by our Cabinet at a special meeting tomorrow (Tuesday) and then to a legal agreement being drawn up.”
A spokesman for Northampton Town Football Club said: “Chairman David Cardoza has reached an agreement to sell his controlling stake in Northampton Town Football Club to Kelvin Thomas.
“The deal is subject to the legal paperwork being completed which is expected to happen well in advance of Friday’s administration hearing.
“The club will be in a position to make a further announcement upon such completion.”
Leader of Northampton Borough Council’s Labour group, Councillor Danielle Stone, (Lab, Castle) said: “If the Council have now done a deal with Kelvin Thomas and the Cardoza family are no longer an obstacle then this is great news for the future of NTFC.
“Hopefully this deal will mean that NTFC can now look forward to the future. This has been a very grim episode for the Cobblers but the sale means light is at the end of the tunnel. Kelvin Thomas had the best deal on the table.”
And on the news that in the last few minutes, the borough council has lodged a formal complaint against “potential financial mismanagement of funds lent to Northampton Town Football Club,” Councillor Stone added.
“I welcome the fact that there is a live police investigation and we should give them the space to carry out their detailed work.
“Let’s now wait for them to see what they find and see what happens next. I have also spoken again to (auditors) KPMG about my official complaint and the fact there needs to be a Public Interest Report.”