Former Oxford chairman Kelvin Thomas set to takeover at Northampton Town

Northampton chief executive James Whiting has confirmed that the club is set to be sold to former Oxford chairman Kelvin Thomas.

The Cobblers held a meeting on Monday after being issued with a winding-up petition by HM Revenue and Customs (HMRC) earlier in October.

The petition landed because of money outstanding due to delays in takeover proceedings after a London-based Indian consortium pulled out of purchasing the League Two club due to "a number of complications surrounding the proposed acquisition".

The club borrowed £10.25million from Northampton Borough Council to fund a redevelopment of its Sixfields ground and Whiting revealed that players and staff are likely to be paid late this month.

Yet despite the current uncertainty surrounding the club, Whiting did admit that Thomas - chairman of Oxford between 2008 and 2012 - is in talks to buy the Cobblers.

"As per the media reports, a deal has been agreed for Kelvin Thomas to buy the club from (chairman) David Cardoza, subject to talks with Northampton Borough Council over the outstanding £10.25 million loan," said Whiting in an official statement on the club's website.

"If those talks go well and things get agreed, we should be able to move forward as a matter of urgency and we can ensure the players and staff are paid with the minimum amount of delay."

Northampton Borough Council said in a statement: "We note that the outline of a deal to acquire the Cobblers is reported as having been agreed.

"We also note that it is also reported that a proposal is to be made to the council.

"The council will consider any proposal with due regard to its responsibility to protect the public purse."