Former Oxford United owner Kelvin Thomas has agreed to buy the Cobblers but needs to do a deal with Northampton Borough Council on the £10.25 million debt.
Kelvin Thomas has agreed with Northampton chairman David Cardoza to buy the club and has also agreed with Buckingham Group Limited to re-start the development of the East Stand.
The stumbling block to any deal is whether Mr Thomas will take on the £10.25 million debt.
What has also been revealed is that the club has missed payments to HMRC for PAYE and VAT monies owed and that debt is £166,000. This debt is the subject of a winding up order against the club from HMRC.
And, with the club's bank accounts having been frozen, chief executive James Whiting has warned of a delay to player and staff salaries.
A council spokesman, quoted on the BBC website, said: "We note that the outline of a deal to acquire the Cobblers is reported as having been agreed.
"The council will consider any proposal with due regard to its responsibility to protect the public purse."