The Supporters Trust has serious concerns about the club's future viability.
As of the end of June last year, Northampton Town FC owed more than £21 million to creditors and that figure will almost certainly have increased still further to the present day.
Of that figure, more than £13 million is owed to club owner David Bower and fellow director Nigel Le Quesne's offshore companies, both of which are registered in the British Virgin Islands.
The balance of more than £8 million is owed to ‘other creditors’ and, in effect, is payable on demand.
We made enquiries and it is now clear that full payment for the East Stand completion had not been made to the contractors GRS Roadstone Group (GRS Group) by 30 June 2025.
In its 2025 annual report, GRS Group stated: ‘The Northampton Town Football Club project marked a first for the group in this space.
‘GRS stepped in after a previous contractor withdrew, successfully delivering the project and gaining national attention.
‘However, it tied up over £5 million in working capital due to delayed cash flows, pending completion of the wider land master plan.’
The apparent bankrolling of the East Stand project by GRS Group, with payment promised from the land development, was not disclosed to supporters and this is a serious concern as this scenario has unwelcome undertones of the situation in 2014, when the then contractors Buckingham were not paid for work undertaken on the Sixfields stadium development.
We have calculated that the cost of the East Stand works came to £5.3 million - this appears to be the amount due to be paid to GRS Group plus any interest or other financial charges agreed.
If the promised payment is not made, the club would be at high risk of legal recourse from GRS Group as an unsecured creditor.
We consider that the club’s owners and directors have recklessly created an unacceptably high-risk situation and immediate clarification by the club of the precise financial status with GRS Group is required.
The NTFC accounts were filed as part of the club's strategic report but worryingly there was nothing in the report, no forward plan or financial projections, to suggest how the club would meet its sustainable goals in the years ahead.
We have asked the owners and executive many times over many years for a forward plan for the football club.
This will be a requirement for all clubs when independent football regulation comes into place.
