Former Oxford United chairman Kelvin Thomas says there is still work to do before Friday’s administration petition against Northampton Town despite the news he has agreed terms to take over at the club.
Mr Thomas has released a brief statement to the Chron following the news David Cardoza had agreed the terms to sell the controlling share of the club to him and a consortium of financial backers just before 5pm this evening.
“We are very pleased that we have an agreement,” Mr Thomas said.
“It has been tough for David and Tony (Cardoza) because they have been with the club for a long time.
“We still have work to do with the rest of the process, but all working together with the council and the lawyers we expect to get everything done in time for Friday.
“Once again we appreciate all the support and good wishes from the fans, all the hard work by the staff and players and thank David for his kind words.”
Despite news an agreement has been reached between the Cardozas and Mr Thomas, a spokesman for Northampton Town said there was still “paperwork” to be completed before Mr Thomas and his consortium can begin to take charge.
The new owner would need to clear the club’s current £166,000 debt to the HMRC before Friday (November 27) to avoid a petition for administration being heard against it a the High Court in London.
Mr Thomas has also agreed a memorandum of understanding with Northampton Borough Council about how he pays back the £10.25 million loan the club was given back in 2013.
Further detail of that agreement is likely to be revealed at a specially convened cabinet meeting tomorrow night.