Northampton Town have confirmed Chinese investment firm 5USport have sold their 60% stake in the club back to the board of directors.
The Guangzhou-based firm bought the stake shortly before the start of the current season, but have sold their holdings in a deal that the club explained was down to “overseas investment restrictions”.
Club chairman Kelvin Thomas and director David Bower have re-purchased the shares, while newly appointed directors Tom Auyeung and Oliver Zheng have both left their positions.
In a statement on the official Northampton Town website, chairman Kelvin Thomas said, “Since David, Mike and I became involved we have always done what we thought was in the best interests of the club. That rationale underpinned the original involvement of 5USport and also underpins this decision.”
Thomas also moved to re-assure supporters that the club’s financial situation was secure.
He continued, “We can confirm that the club is financially secure, and this will continue under our ownership as we have always said. We have provided funding this season at various points to ensure obligations are met and also to continue to invest in the future with player acquisitions this past January.
“We are still of the mindset that for the club to fully prosper on the pitch especially at higher levels of play, it will need a long term and more sustainable model and inevitably further outside investment, but those discussions are for another day.”