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The proposed takeover of Northampton Town has collapsed just four days before a £10.25million Council loan is due to be repaid.
The un-named Indian consortium announced their withdrawal this afternoon, with a statement noting:
“We had drawn up detailed plans to pay off the club’s debts and upgrade the club’s infrastructure, re-developing the stadium and building a new training ground, as well as investing in the playing squad. We also planned to re-develop the land around the stadium with a new hotel and retail complex to bring inward investment into the town.
“However, during the process of due diligence, which is integral to any business deal, it became apparent that there were a number of complications surrounding the proposed acquisition.
“Sadly, at a very late stage in the process we concluded that these problems were insurmountable and, with great reluctance, decided we had no option but to withdraw our offer for the club."
The club have responded by saying they are in 'advanced talks' with other bidders claiming that the Indian consortium had been given enough time to complete the deal.
The repayment of a £10.25million Council loan is due in full on Friday, with the club having missed two £1.5million repayments.