Northampton Town have confirmed that they have reached an agreement with an Indian consortium to become the club's new owners.

The League Two side have been under the ownership of the Cardoza family for the past 12 years, but chairman David Cardoza has confirmed that the new owners have agreed in principle to take over the club and redevelop Sixfields.

"Heads of terms have been signed for new owners who will also become involved in the redevelopment of Sixfields and the land surrounding the stadium," Cardoza told Sky Sports News.

"This deal will be a very positive move for the football club and its future. This is exciting news for the club, its staff and the people of Northampton and it will bring significant investment into Northampton.

"We would like to thank fans for their patience while due process takes its course and we will issue further updates as soon as we are able."

Northampton finished 12th in League Two last term.