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DAVID CARDOZA ON HMRC, TAKEOVER AND COUNCIL LOAN

15 October 2015

Chairman - 'Close to a conclusion on all matters'

Northampton Town are aware that HMRC have published that they have issued legal proceedings against the club for monies outstanding. The HMRC debt is a temporary issue due to the delays in completing the takeover and during this interim period the club not receiving the investment that it needs to meet all of its commitments when they fall due.

The club's Chairman David Cardoza has been in talks with HMRC to resolve this matter and has advised that after discussions he put a proposal to HMRC late on Wednesday to head off these proceedings. This proposal was too late to prevent the proceedings being published, but the Chairman fully expects the matter to be resolved by the end of next week.

Regarding the sale of the club, Mr Cardoza said, "Meetings have and are continuing this week and we are very close to reaching an agreement on the sale of the club to one of a number of interested parties and we believe we will have some definite news very soon. The potential purchasers are well aware of all the issues, including the HMRC discussions.”

Thursday is also the end of the 21 day deadline set by Northampton Borough Council for the club to repay the £10.25 million loan.

"Talks have been ongoing with the Council," said the Cobblers Chairman.

"We are putting proposals to Northampton Borough Council regarding the repayment of the loan which we hope will prove satisfactory to them and that process is ongoing as we speak.

"I fully appreciate that, off the pitch, there only seems to be bad news for supporters at the moment but we are working towards, and we believe we are close to, a conclusion on all matters that tidies up all of the issues surrounding the club and allows it to move forward to a much brighter future."


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