Is this a hint that the Cobblers investment deal is close to being completed?

The club have been in talks with investment consortium Sports Alpha Capital (SAC), featuring former Brazil, Chelsea and AC Milan striker Alexandre Pato, since May, but the deal continues to rumble on as the relevant parties await approval from both the EFL and the Independent Football Regulator.

However, Brazilian businessman Joao Xavier, who manages SAC, posted a picture of Pato on his Instagram with the an emoji of a shoe, a football and a timer, together the caption: “An idol who became a business partner and a friend! Congratulations, @PATO, let’s go together.”

There was also an interesting line to come out of Chris Hogg’s post-match interview after Tuesday’s game against Crawley, where he said: "There's lots of exciting things going on behind the scenes which will help the club evolve and there's lots of work still to do for where we want to get the football club.”

It might be nothing, it might be something. Only time will tell.

Why is it taking so long anyway?

Cobblers are one of the first clubs to have to go through the new process set up by the IFR for incoming investors into English clubs. The EFL have also made their process more rigorous following problems at multiple clubs in recent years, not least Sheffield Wednesday, Wigan Athletic and Reading.

Following a fan-led review, the IFR was created to protect the financial stability of English football and stop reckless club ownership. It is no doubt a good thing for the game but it does mean more red tape and a more thorough process.

Who are SAC?

The club have given very little away since the original announcement, which is not unusual in the circumstances, but it does create a vacuum of information and therefore room for people to speculate. The reason Pato’s social media activity has gained such traction is because he has already tried to buy an EFL club this year.

Back in January, investment consortium Sports Alpha Capital (SAC), managed by Brazilian businessman Joao Xavier and featuring Pato as a high-profile figurehead, were in talks to buy League Two Colchester United.

Pato attended a Colchester game in January before the consortium withdraw from talks a month later. In a joint statement, both parties said: "Aspire Media Group has decided not to proceed with the proposed acquisition of Colchester United by Sports Alpha Capital (SAC), the investment consortium managed by Joao Xavier and including Alexandre Pato. Accordingly, discussions have concluded.”

Following the collapse of the deal, Sports Alpha Capital said they were actively exploring other investment opportunities within English football - and it turns out trying to buy a stake in the Cobblers was their next move.