Northampton Borough Council says it's confident it'll get its money back after agreeing a deal over the 10 million pounds it lent to the football club.
An agreement was reached yesterday which will see that debt repaid by transferring development land around the stadium to the council. It means the council will seek to adjourn the administration hearing scheduled for Friday.
Councillor Mary Markham says the deal should suit both club and taxpayers.
A deal is being hammered out between Northampton Borough Council and the prospective new owner of the town's football club over the repayment of a £10 million loan.
Kelvin Thomas has been in talks with the council all day. On Monday he agreed to take over the troubled club from current chairman David Cardoza.
ITV News Anglia understands that the club's multi million pound debt will be repaid by transferring development land around the stadium to the council. The should see the club avoiding moves to have it wound up.
Click below to watch a report by ITV News Anglia's Olivia Kinsley from outside Northampton Guildhall
There's relief among staff at Northampton Town Football Club as talks continue to ratify a takeover deal.
An agreement was reached last night between the club's current chairman David Cardoza and prospective buyer Kelvin Thomas.
Only the players have been paid since September, through a loan from the players' union the PFA, as the saga over the club's future rumbled on.
Staff who are behind on wages include manager Chris Wilder, assistant Alan Knill, coaches, ground and shop personnel plus club stewards.
Press officer Gareth Willsher said it had become extremely stressful for people there, some of whom were given loans by NTFC Supporters Trust so that they could get by.
"Everyone's pulled together, the supporters have been great, the staff have gone above and beyond I would say.
"So to have light at the end of the tunnel now, to have this agreement in place between David Cardoza and Kelvin Thomas is just a huge relief and I hope we can move on very soon.
Mr Thomas is in meetings with Northampton Borough Council today to discuss how to resolve the outstanding £10.25 million loan which was made to the club.
The council will then hold a meeting this evening to decide whether they're happy for the takeover to proceed.
Northampton Town spokesman Gareth Willsher speaks about the staff's relief over the takeover deal
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A team of officers from Northamptonshire Police has served a warrant on Northampton Town Football Club after receiving a formal complaint from Northampton Borough Council.
The police say it relates to alleged financial irregularities surrounding the loan made by the council to Northampton Town Football Club.
The officers served the warrant at Sixfields Stadium in order to secure any documentation which may be relevant to the investigation. The football club is being fully co-operative at this stage.
Chairman David Cardoza has reached an agreement to sell his controlling stake in Northampton Town Football Club to Kelvin Thomas.
The deal is subject to the legal paperwork being completed which is expected to happen well in advance of Friday's administration hearing.
BREAKING: Chairman David Cardoza has reached an agreement to sell the controlling stake in Northampton Town Football Club to Kelvin Thomas.
The deal is subject to the legal paperwork being completed which is expected to happen well in advance of Friday's administration hearing
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