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| Kelvin Thomas has reached an agreement with Northampton chairman David Cardoza to buy the controlling stake in the club. |
Cardoza had last week cast doubt over a deal after admitting to talks with other parties but the League Two club announced on Monday evening that a deal with Thomas, the former Oxford chairman, had been brokered.
Northampton currently face both an administration and winding-up petition but it is hoped the deal with be finalised before a court hearing on Friday.
A statement released by the club said: "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."
Cardoza had come under increasing pressure to sell to Thomas, with the club's non-playing staff not having been paid since the end of September.
First-team manager Chris Wilder, who worked under Thomas at Oxford, used his post-match interviews at Notts County on Saturday to address the issue, insisting that Thomas' offer was "100 per cent the best deal" for the club.
The club owe Northampton Borough Council £10.25million and HM Revenue & Customs £166,000 in unpaid tax.
On Friday, the administration petition will be heard and the winding-up petition is set for November 30.
Despite all the recent off-field troubles, Wilder has guided Northampton up to third place in the table with a five-match unbeaten run in League Two which includes four victories.
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