Northampton Town chairman David Cardoza has agreed to sell his controlling stake in the League Two club to former Oxford United chief Kelvin Thomas.
The club are currently facing an administration and winding-up petition due to £10.25m owed to Northampton Borough Council and £166,000 to the HM Revenue & Customs in unpaid tax.
The administration petition will be heard on Friday, while the winding-up petition is scheduled for November 30, but the club have been given a ray of hope after Cardoza agreed to sell his share.
A statement from the club read: "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.
"The club will be in a position to make a further announcement upon such completion."
The paperwork is expected to be completed prior to Friday's deadline.
Danielle Joynson
