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A consortium that includes former Chelsea and Brazil forward Alexandre Pato has received regulatory clearance to buy a stake in Northampton Town. The Independent Football Regulator and the EFL have approved the deal as the League Two club look to clear their debt after relegation.

Pato consortium gets green light for takeover

According to the BBC, former Chelsea and Brazil forward Alexandre Pato is part of an investment consortium that has been cleared to acquire a shareholding in Northampton Town. The Independent Football Regulator (IFR) and the English Football League (EFL) have both signed off on the proposed takeover.

Pato has been listed as an investor with Sports Alpha Capital (SAC), alongside the London-based company Gemcorp Capital.

The development brings an end to months of speculation after the League Two side first confirmed talks with the group in April, following SAC's earlier withdrawal from negotiations with Colchester United.

Chairman hails thorough process

Northampton chairman Kelvin Thomas welcomed the regulatory approval and said the process involved wide-ranging financial and background checks. Thomas also pointed to the consortium's genuine love for football and their attendance at recent matches.

He said he was hopeful the new investors would provide both financial security and long-term strategic growth for the club.

"This has been a detailed and rigorous process," Thomas said. "With significant Brazilian representation within the group we also hope they might bring a little Brazilian excitement and flair with them."

Debt-free target after relegation

The proposed investment arrives at a difficult time for the Cobblers after their relegation to League Two. The club endured a tough season, finishing bottom of League One last term before reporting pre-tax losses of just under £3m.

Thomas had previously confirmed that the incoming investment would remove the club's existing debt and give it strong financial foundations.

Former Villarreal, Sao Paulo, Corinthians and Orlando City forward Pato, 37, retired from playing last year and is now moving into club ownership with his corporate partners.

Final paperwork in progress

With regulatory approvals now in place, Northampton Town are working to complete the remaining documentation and finalise the transaction.

Manager Chris Hogg, who was appointed in May, is continuing to reshape his squad on the pitch after making 13 summer signings, including striker Matty Warhurst from Manchester City.

Full details of the final investment structure and the principal investors will be revealed once the transaction is officially completed.