New deal to save Northampton Town from winding-up petition
A deal has been struck to save Northampton Town Football Club from an administration and winding-up petition.
After weeks of hold-ups, the club has accepted an offer from former Oxford United chairman Kelvin Thomas to buy a controlling stake in the club. It comes after manager Chris Wilder launched an outspoken attack on the delays.
In a further development, it's emerged police are now investigating alleged financial irregularities surrounding the loan made by the council to Northampton Town.
On Monday afternoon a team of officers from Northamptonshire Police served a warrant on the club after receiving a formal complaint from Northampton Borough Council.
The police say it relates to alleged financial irregularities surrounding the loan made by the council to Northampton Town Football Club.
The officers served the warrant at Sixfields Stadium in order to secure any documentation which may be relevant to the investigation. The football club is being fully co-operative at this stage.
ITV News Anglia reporter Russell Hookey reports on the latest developments from outside Northampton Town's ground Sixfields
Kelvin Thomas has reached an agreement with Northampton chairman David Cardoza to buy the controlling stake in the club.
Cardoza had last week cast doubt over a deal after admitting to talks withother parties but the League Two club announced on Monday evening that a deal with Thomas had been brokered.
Northampton currently face both an administration and winding-up petition butit is hoped the deal with be finalised before a court hearing on Friday.<
The club owe Northampton Borough Council £10.25 million and HM Revenue & Customs £166,000 in unpaid tax.
An investigation by the Borough Council’s external auditors KPMG LLP is taking place and will continue in parallel to the police investigation.
ITV News Anglia Sports Correspondent Donovan Blake talks about how the football club has been dealing with all the uncertainty
Cardoza had come under increasing pressure to sell to Thomas, with the club's non-playing staff not having been paid since the end of September.
First-team manager Chris Wilder, who worked under Thomas at Oxford, used his post-match interviews at Notts County on Saturday to address the issue,insisting that Thomas' offer was "100 per cent the best deal" for the club.
On Friday, the administration petition will be heard and the winding-uppetition is set for November 30.
Despite all the recent off-field troubles, Wilder has guided Northampton up tothird place in the table with a five-match unbeaten run in League Two whichincludes four victories.