Kelvin Thomas has completed his takeover of League Two club Northampton Town.

Thomas becomes the new chief executive chairman of the Cobblers, succeeding David Cardoza after purchasing his controlling stake.

Despite their strong form in the league, Northampton have been in danger of going into liquidation over an outstanding tax bill that Thomas has now taken care of.

Thomas also confirmed that staff who were not paid by the club in October would be paid in full next week.

Former Oxford United chairman Thomas told reporters: "There were times when we were close to walking away [from the deal] but we got there in the end which is the most important thing."

The club was set to face an administration petition brought by Northampton Borough Council on Friday, but that is to be adjourned after a memorandum of understanding between Thomas and the council over a £10.25m loan to the club for redevelopment work at Sixfields.

The Cobblers have won six of their last seven matches to soar up to third in League Two.