Northampton Town: Kelvin Thomas agrees deal with David Cardoza

Former Oxford United chairman Kelvin Thomas has reached an agreement to buy the controlling stake in League Two Northampton Town from David Cardoza.

Cardoza had admitted to speaking with other parties last week, and Thomas cast doubt over whether his deal would go through.

The club currently face both an administration and winding-up petition.

The deal is subject to legal paperwork being completed, which is expected before Friday's administration hearing.

The Cobblers owe Northampton Borough Council £10.25m and HM Revenue & Customs £166,000 in unpaid tax.

On Friday, the administration petition, brought by the council in a bid to form a rescue plan for the club, will be heard and the winding-up petition is set for 30 November.

Thomas previously worked at Oxford with Cobblers manager Chris Wilder, who said on Saturday that the former was "100% the best deal" for the club amid news about other interested parties.

More to follow.