Consortium Including Alexandre Pato Cleared for Northampton Town Takeover

A consortium including former AC Milan, Chelsea and Brazil forward Alexandre Pato has had a "proposed shareholding aquisition" of Northampton Town approved by the Independent Football Regulator (IFR) and English Football League (EFL), the League Two club has said.

Sports Alpha Capital (SAC) was previously in discussions about taking over Colchester United earlier this year but decided to pull out of a potential deal following initial talks.

Pato is named by SAC, external as one of its investors, along with Gemcorp Capital, a London-based independent investment management firm.

The size of SAC's proposed shareholding in the Cobblers has not been disclosed at this stage.

The club said that full details regarding the investment, structure and the principal investors involved would be announced upon completion of the deal.

Friday's announcement ended months of speculation, after the club first disclosed it was talking to the "well-funded investment group" in April.

Pato, 37, retired from playing last year. He is best known for his five-and-a-half-year spell at AC Milan where he scored 63 goals in 150 matches and won the Serie A title in the 2010-11 season.

Northampton chairman Kelvin Thomas said: "This has been a detailed and rigorous process, involving significant scrutiny of the proposed investment, the ownership structure, financial sustainability, and the suitability and financial standing of those involved.

"The successful completion of both the IFR and EFL processes represents an important milestone for the club and should provide supporters and stakeholders with further confidence in the proposed investment and the foundations being put in place for the club's future.

"We would like to thank both the EFL and the IFR for their professionalism, diligence and thoroughness throughout their respective processes.

"As supporters will see from their varied backgrounds, there is a genuine passion for football within the group. A number of the investors have already visited Northampton, spent time at the club and attended matches.

"They will bring a strong blend of football, corporate and financial expertise to the club and with significant Brazilian representation within the group we also hope they might bring a little Brazilian excitement and flair with them.

"Now the regulatory processes have been completed we move towards completing the remaining documentation and finalising the investment. Full details regarding the investment, structure and the principal investors involved will be announced upon completion.

"We thank the fans for their patience, but it is reassuring that these in-depth processes are in place for football."