Potential Cobblers buyer Kelvin Thomas says takeover deal is ‘very complicated’

Kelvin Thomas held lengthy meetings with the borough council yesterday about taking over at Cobblers.
Kelvin Thomas held lengthy meetings with the borough council yesterday about taking over at Cobblers.

Former Oxford United chairman Kelvin Thomas said “it is still too early” to know whether his consortium of businessmen can take over at Northampton Town.

Following meetings with Northampton Borough Council yesterday, Mr Thomas, said: “As has been widely reported we have agreed a deal in principal for the purchase of Northampton Town Football Club. This continues to be subject to the usual legal and financial due diligence.

“We are a serious and well funded group who can complete a deal quickly on a sensible basis.

“Our interest is to take the football club forward and are prepared to invest significant funds immediately to stabilise the club off the pitch, support the team on the pitch and complete the East Stand, which we feel is an important factor in the overall development of the club.

“We have a high level of business experience within our group, including football, and we are excited by this opportunity. Northampton Town Football Club is a good club, which we feel just needs to fully reconnect back with all aspects of the community.

“As part of the due diligence process we have already met with various stakeholders including Buckinghams, the NTFC Supporters Trust, and Northampton Borough Council who in our opinion will all have a part to play in the future of the club.

“What we have found so far is a very complicated situation with outstanding debt, parcels of land with different leases, various creditors and winding up petitions, all with serious implications for the club.

“At this stage it is still too early to know whether we will be able to properly resolve these issues to allow a sensible deal to proceed, however we had a positive meeting with Northampton Borough Council last night and further discussions, which are due to include Buckinghams, will continue this week.

“We certainly understand and share everyone’s concern for the club especially the fans, the staff and the players who all seem to be impressively united under increasing pressures.

“We are not in full control of the timescales therefore we will not make any promises to either the outcome or the timing, however we are confident that everyone is working very hard to bring a positive resolution to the situation.

“We will not be making any further comment until it is deemed appropriate or we have reached any significant milestones in the process.”