FORMER Oxford United chairman Kelvin Thomas has reached an agreement to buy fellow Sky Bet League Two club Northampton Town.

Negotiations with owner David Cardoza have been going on for weeks, but all parties have now settled on a deal.

It comes ahead of the club facing an administration hearing on Friday.

The move, which is subject to legal paperwork, means Thomas will be reunited with ex-United manager Chris Wilder, who despite the uncertainty has guided the Cobblers to third in the table.

In a statement, Thomas said: "We are very pleased that we have an agreement.

"It has been tough for David and Tony Cardoza because they have been with the club a long time.

"We still have work to do with the rest of the process but working together with the council and the lawyers we expect to get everything done in time for Friday.

"Once again we appreciate all the support and good wishes from fans, all the hard work by the staff and players and thank David Cardoza for his kind words."