Papers released by Northampton Borough Council ahead of a cabinet meeting tonight do not give any details of an agreement being reached with potential new owners of Northampton Town.
The meeting, which takes place at the Guildhall tonight at 6pm, included an agenda item entitled Northampton Town and Sixfields, but the papers had not been published until the last few minutes.
Kelvin Thomas, former Oxford United chairman, is heading up a consortium looking to buy Northampton Town. It is understood that the deal is close to being signed but is still subject to final legal agreements.
Fans were anticipating that an announcement would be made at this evening’s meeting, but that will not be the case.
The only recommendation to councillors is to “note that a Special Meeting of Cabinet will be required to consider recommendations required as a consequence of work currently underway between the Council, Northampton Town Football Club and other interested parties.”
A report, compiled by chief executive David Kennedy, outlines the position of the borough council in the weeks leading up to this week.
In a section entitled, Ownership of NTFC, Mr Kennedy states: “The current owners of the controlling interest in NTFC are seeking to agree a transfer of shares to a new owner. Advanced discussions are taking place between the current owners and new owners publicly led by Kelvin Thomas the former Chairman of Oxford City [sic] FC.
“It is understood that the transfer would be to Northampton Town Ventures Limited (NTVL) a company set up specifically for this purpose.
“In order to complete the acquisition of these shares, an agreement will be needed between NTVL and the Council with regard to seeking to recover the Council’s debt though development of the land adjacent to the Stadium and through pursuing the location of the funds that were borrowed by NTFC.
“Discussions are also taking place with Buckingham, the contractors on the incomplete works.
“The Council has met several times with representatives of the Supporters Trust and have discussed progress on the proposed acquisition by NTVL. The Council and the Trust have also discussed what action may be required if it is not possible for the shares to be acquired by NTVL or from the current owner.
“Should this proposal fall, then the Council will work with the Trust and any other interested parties to seek to avoid Administration.”
In a further section entitled, Resources and Risk, Mr Kennedy said: “The current situation has financial implications which need to be assessed once the way forward has been agreed. These will be covered in a report to a Special Cabinet Meeting to be held as soon as the way forward is determined.
“There are significant risks to the Council which officers are currently working to manage and mitigate ahead of the Special Cabinet meeting.
“As part of any proposal on the way forward the Council will need to demonstrate that it represents value for money and optimises the protection of the public purse.”
A full copy of the agenda can be viewed at http://www.northamptonboroughcouncil.com/councillors/documents/s48353/Sixfields%20111115.pdf