League Two: Northampton Town takeover completed ahead of administration petition
League Two side Northampton have completed a historic takeover of the club under new owner Kevin Thomas.
Thomas, who has become executive chairman, has acted immediately and paid the full £166,000 owed to HM Revenue & Customs ahead of a winding-up petition hearing.
The winding-up petition from HM Revenue & Customs over £166,000 in unpaid tax is set to be heard on 30 November.
On Friday, the League Two club will face an administration petition brought by the Borough Council.
However, following a memorandum of understanding between Thomas and the council over a £10.25m loan to the club for redevelopment work at Sixfields Stadium, the local authority will ask for an adjournment at the hearing.
The consortium that has taken charge also includes David Bower, who becomes a director, and Mike Wailing, who becomes non-executive director, while both previous owners the Cardozas and director Barry Hancock leaving their roles at the club.
Thomas also confirmed that staff, who were not paid by the club in October, would be paid in full next week.
A statement added that HMRC are also looking to withdraw their winding-up petition.
"We have the funds in place to take care of the short and long-term needs of the club which has been shown to both the council and the Football League, and we will be working hard over the next few months to understand the areas of investment required and then implement plans accordingly," said Thomas in a statement.
The administration petition has been lodged by Northampton Borough Council in a bid to give it more control over the club's future.