ALEXANDRE PATO is set to become a major shareholder in Northampton after a proposed investment in the EFL club cleared regulatory checks.
The former Chelsea, AC Milan and Brazil forward is part of a consortium preparing to buy a majority stake in the League Two outfit.
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The deal, backed by Sports Alpha Capital has secured approval from the Independent Football Regulator and the English Football League.
Pato, who retired from playing last year, is listed by SAC ( Sports Alpha Capital) as an investor alongside Gemcorp Capital, a London-based independent investment management firm.
The 36-year-old is best known for his five-and-a-half-year spell at AC Milan, where he scored 63 goals in 150 appearances and helped the Italian giants win the Serie A title in 2011.
Pato also had a brief spell at Chelsea in 2016- making two Premier League appearances and scoring once.
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Northampton chairman Kelvin Thomas welcomed the latest development, saying the completion of the regulatory processes was an important step towards the proposed investment.
He told the club’s website: “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.”
Earlier this year, SAC was in discussions over a potential takeover of Colchester United before pulling out of the deal following initial talks.
Thomas also explained the extent of the scrutiny the proposed Northampton investment had undergone.
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He said: “As one of the first football clubs to be considered under the new regulatory framework, the proposed investors have been required to successfully navigate both the EFL clearance and IFR approval processes.
“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.
“During this time, we have also enjoyed getting to know the investors and principals behind Sports Alpha Capital and are excited about what they can bring to Northampton Town.
“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.
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“We thank the fans for their patience, but it is reassuring that these in-depth processes are in place for football.”
The club stressed that the remaining documentation must now be completed before the investment is finalised.