Club statement: change of ownership to Northampton Town Ventures Limited
We are pleased to confirm the purchase of the majority shareholding in Northampton Town Football Club by Northampton Town Ventures Limited.
Following the signing of the Share Purchase Agreement late on Wednesday night Northampton Borough Council have agreed to seek an adjournment to their administration petition due to be heard on Friday.
We also confirm HRMC has been paid in full by Northampton Town Ventures Limited and HMRC will be seeking to withdraw their liquidation petition on Monday.
Following that withdrawal Northampton Town Football Club will work closely with Northampton Borough Council to complete the necessary paperwork to legally bind the signed Memorandum of Understanding and withdraw the adjourned administration petition.
Kelvin Thomas will become the new Executive Chairman of Northampton Town Football Club and will be joined on the board by incoming Director David Bower and Non Executive Director Mike Wailing.
Kelvin Thomas said, “As has been mentioned in previous statements this has been a very complicated and challenging transaction, however we are very excited about being in a position now to look forward rather than back.
“After receiving the news that Northampton Borough Council made the strong decision on Tuesday to amend the repayment terms of the debt, which we are very thankful for, it has been full speed ahead to get the paperwork completed.
“We expect, as with most transactions, there are going to be some things that were not fully discovered, but we will attempt to take a reasonable view on any matters forthcoming. Everyone has worked extremely hard to get this deal done, but we fully understand that this is just the beginning as the real work begins now.
“It is important to stress that we will not be rushing into making changes. The reality is the club are 3rd in the league, in the 2nd round of the FA Cup and the staff and players have been working wonders in the background. There are many positives to what is happening at the club right now and we will be looking to support this.
“My partner David Bower has been a major part of this deal being completed and without his input the deal would not have happened. Mike Wailing will join us as a Non Executive Director and Mike has a wealth of experience in business and finance.”
“Whilst I will take on the main responsibility for overseeing the club, along with Chief Executive Officer, James Whiting and the existing staff, David and Mike will provide invaluable support. We have known each other for a number of years and we are looking forward to working together on this project.
“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. This will also include the East Stand and we will continue our discussions with Buckinghams to understand both the current design and the options for the future, which can hopefully provide important income streams for the club.
“We are lucky in that we already have a relationship with manager Chris Wilder and can only be complimentary of the job he has done since coming to the club, especially this season. We share Chris’s desire and drive along with his staff and it was great to finally see a game on Tuesday night and to witness a powerful and professional performance from the players.
“We would like to thank David and Tony Cardoza for selling their shares to us. They have stepped down as Directors with immediate effect having been a big part of the club for the last 12 years.
“We would also like to thank Barry Hancock who has also stepped down as a Director. Barry, together with David Jackson, Barry Stonhill and Brian Binley were prepared to bravely step in and stop the club from going into administration. We had good communication with them all along, we fully understood their intentions and are pleased that they will continue to be part of the club with us.
“We thank the Supporters Trust and the overall fanbase for all the support and kind wishes. It was the passion, support and unity shown by fans that was one of the major attractions in our interest in the club. We look forward to finding ways we can involve both the Trust and all fans as the club move forward.”
“The staff at the club have been fantastic under extreme pressures over the last few months and it has been pleasing to confirm today that they will be paid in full next week following the withdrawal on Monday of the HMRC petition and the release of the bank account.
“We are really looking forward to taking Northampton Town Football Club back out to the community of Northamptonshire and will be focusing on a partnership approach to make Northampton Town Football Club as successful as we can. We invite all supporters to come and join us at Sixfields on Saturday and be part of the beginning of what we all hope will be a successful era for the club.”