Cobblers chairman David Cardoza has agreed to sell his controlling share in Northampton Town to an Indian consortium.
Mr Cardoza revealed he had signed a ‘heads of terms agreement’ with the party, which has not been named, which was interested in buying his share at Sixfields.
The deal would see the consortium take control of the football club, as well as ‘100 per cent of the company that owns the lease on the land to be redeveloped’ surrounding Sixfields.
A club statement said the contracts were with the lawyers of the respective parties and were now being worked through.
Mr Cardoza, who has been in control at Sixfields for more than 12 years, said: “I would like to apologise that we haven’t been able to say as much as we or the supporters would have liked recently.
“But clearly a lot has been going on and that has made it very difficult to update supporters.
“We felt the time was right to let supporters know where we are and we will provide more details as soon as we can.”
The deal with the consortium is something that has been in development for the past few weeks, with Mr Cardoza admitting he has been searching for an investor to take a 50 per cent share in the club for the past six months.
But the potential Indian buyers, who Mr Cardoza says have been involved in many big deals in the past, have decided they want to have complete control.
They have agreed to buy out the controlling share of Mr Cardoza, and his father Tony, and the chairman believes it is the best move for the club.
“This would be a very positive move for the club,” said Mr Cardoza, who, if the sale goes through, would recoup the money he has invested in the club since taking over in December 2002.
“I hope supporters recognise that while they might not always agree with my decisions, I have always acted in the best interests of the club and I am doing the same again here.
“The deal includes 100 per cent of the company that owns the lease on the land to be redeveloped, and is a major investment in Sixfields and Northampton as a whole and benefits the wider community, not just the football club.
“Until things have been concluded it is very much business as usual,” he said.
The behind-the-scenes dealings with the consortium are what has led to the slowing down of work on the redevelopment at Sixfields, and in particular the building work on the new east stand.
Work has slowed until what is happening with the sale is confirmed, and Mr Cardoza added: “Buckinghams are aware of the situation and are in conversations with all parties.”
Representatives of Northampton Council, which loaned the club £12m to finance the redevelopment, were informed of the news of the potential sale this morning, along with manager Chris Wilder, the players, and all the staff at the club.