What is going on with the takeover of Northampton Town?
PA MediaThere have been rumbles of significant changes for Northampton Town since April.
The club, which was relegated to League Two last season, has been teasing supporters about talks with a "well-funded investment group" over a potential deal that could clear its debts.
Cobblers chairman Kelvin Thomas claimed in May that investment had been "pretty much agreed" and earlier this month details about the group behind the move, Sports Alpha Capital (SAC), emerged. They included news that former AC Milan, Chelsea and Brazil forward Alexandre Pato was involved.
The wait goes on for fans, but what do we know about the potential takeover?
What do we know about the deal?
Getty ImagesEarlier this month it emerged that a consortium, including Alexandre Pato, was ready to buy a majority stake in the club.
The SAC consortium had previously been in talks to take over fellow League Two club Colchester United, but withdrew from the process in February.
At the time, the consortium said it would "continue to explore further opportunities within English football".
Getty ImagesLast month, Thomas claimed a deal with a "well-funded" group was "pretty much agreed" and expected the proposed investment would leave the club "debt-free".
In April, the club announced a pre-tax loss just short of £3m.
However, the takeover is far from confirmed and is still subject to English Football League (EFL) and Independent Football Regulator (IFR) approval.
What does the club say?
There has been no official comment from the club since July, when Thomas said the deal was "pretty much agreed".
He said it was still waiting for EFL and IFR approval.
At the time, he said he hoped it would be sorted by the start of the season.
Their League Two campaign began with a goalless draw against Swindon Town on 15 August, but no takeover deal had been announced.
The club has not yet responded to a BBC request for an update on the deal.
More about Northampton Town:
What happens next?
If the deal is still going ahead, then any investors must be approved by the EFL and the new regulator, the IFR.
The independent watchdog began scrutinising takeover bids in May and prospective owners must pass an Owners, Directors and Senior Executives (ODSE) test.
The EFL also conducts its own clearance tests for owners and said it would support the independent watchdog.
The takeover is one of the first test cases for the IFR, launched in 2025, and will have to clear strict new vetting rules before it can be finalised.
The regulator checks for criminal records, corruption, and a history of honesty and integrity.
Buyers must clearly show where their money comes from to prevent illicit finance from entering the sport.
And they must also provide detailed financial plans to show they have enough funds to keep the club running safely in the long term.
If a buyer fails these checks, the deal is off.
The IFR said it could not comment on live cases.
Getty ImagesThe EFL has a three-part clearance process:
- Owners' and Directors' Test - prospective owners and directors have to prove they are not subject to any disqualifying events, such as a criminal record, corporate insolvency or director disqualification
- Future Financial Information – The club and prospective buyers must demonstrate how they will operate over the period ahead, so that any additional cash requirements to support the running of the club can be identified
- Source and Sufficiency of Funding – Any new potential owners must demonstrate where their money is from and how much they have
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