Chairman Thomas reveals CDNL ownership has been transferred to Northampton Town FC
Cobblers chairman Kelvin Thomas has revealed the ownership of County Developments Northampton Ltd (CDNL) has been transferred to the football club - potentially paving the way for the next step to be taken on the long-awaited development of the east stand at the PTS Academy Stadium.
Thomas says the move undertaken by him and fellow club and CDNL owner David Bower ensures there can be 'no misunderstanding that any proceeds from any land around the ground would only be used to benefit the football club'.
He also revealed that the club sat down with officials from Northampton Borough Council on Monday, and enjoyed 'a good meeting'.
CDNL was previously controlled by former Cobblers chairman David Cardoza and his father, Anthony, with the company owning a key section of the land behind the east stand, which is still waiting to be developed.
Work on the east stand project stopped just ahead of the financial scandal and crisis that engulfed the club in the autumn of 2015, and has yet to be restarted, despite extensive negotiations between the club and Borough Council, who own the freehold to the PTS Academy Stadium and the development land in question.
Thomas and Bower, who took over the club from the Cardozas in November, 2015, also took control of CDNL in the summer of 2017 - but they have now handed the ownership of the company to Northampton Town FC, stating such a move was always their intention.
In a Q&A on the club's website, Thomas was asked about the progress on the east stand development, and said: "We are making progress, it is slow but steady but progress all the same.
"As part of the process, in the last few months, David (Bower) and I have transferred our ownership of CDNL over to the football club.
"We have always said that whilst being legally required to purchase any CDNL shareholding in our own names and not through the club initially, it was always regarded as common ownership from our perspective anyway.
"However, now as time has moved on and we are legally able to do this, we have completed the paperwork so CDNL is owned by the football club and there can be no misunderstanding that any proceeds from any land around the ground would only be used to benefit the football club.
"The Northampton Borough Council are fully aware of this now, and we had a good meeting yesterday (Monday) with them.
"There are still challenges with the site, but we feel we are addressing these challenges in a pragmatic way."