Northampton Town are set to be taken over by an Indian consortium.
Current chairman David Cardoza has agreed to sell his controlling share and has stated that he has signed a 'heads of terms agreement'. The consortium is still unknown to the fans and general public.
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.
Cardoza had been tight lipped about any takeover
Talking about the takeover, Cardoza 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.”
Cardoza, who has been in charge for 12 years feels the takeover would be "A very positive move" for the club as they prepare for another season in League Two.
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.
Stadium issued played big role
There has been a lot of frustration from the supporters as the stand they were told would be ready for early last season, has to not been finished. Cardoza feels that some of the criticism from the fans has made his life very difficult and has decided it is time for him to move on to pastures new.
Manager Chris Wilder continues with his business as he continues to build his squad up as they prepare for the new season. Wilder's squad were back in pre-season training on Monday. There have been four new additions to the squad this year. Josh Lelan, David Buchanan, Nicky Adams and Alfie Potter have agreed deals at Sixfields this summer.