The news that Northampton Town supporters had been hoping for was announced in a statement on the official club website at around 5pm on Monday afternoon.
Both parties then gave their thoughts, David Cardoza believing Kelvin Thomas would be a 'great owner' for the club and Mr Thomas saying he expects the paperwork to be completed in time for Friday's administration hearing.
Speaking after Saturday's win at Notts County, manager Chris Wilder had called for agreement to be reached with Mr Thomas.
"There's a deal to be done at this club that can make this club challenge in League One," he told BBC Radio Northampton.
A lot of hard work has been put in by the NTFC Supporters Trust and they expressed their 'absolute delight' at the news in a statement.