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Former Northampton owner arrested over £10.25m loan

Former Northampton owner arrested over £10.25m loan

Former Northampton Town chairman David Cardoza has been arrested in relation to the £10.25m the club loaned from Northampton Borough Council.

The loan had been agreed to help with the construction of the new, yet to be finished, East Stand and other areas of development to help with the club’s community projects.

Earlier in the season the Cobblers were on the verge of being placed into administration under Cardoza due to outstanding HMRC tax bills and money owed to other creditors, however the sale to new owner Kelvin Thomas prevented the first step to insolvency and stabilised the club’s debts.

A statement by Northampton Police confirmed: “A 45-year-old man was arrested at an address in Northamptonshire on Monday morning.”

Detective Chief Inspector Paul Spicer added: “This remains a very complex investigation and, as such, it would be inappropriate for us to make any further comment at this time.”

Northamptonshire continue to investigate “alleged financial irregularities” surrounding the agreement, while Northampton have remained impervious to off-the-field problems to move clear at the top of the League Two table.

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