Quoted on the Herald & Post website, a Borough Council spokesman confirmed that two repayments have been missed and 'the Club has not given the Borough Council confidence in their ability to pay these and later repayments' with the proposed sale of NTFC yet to be ratified.
The original loan of £12m relates to the redevelopment of Sixfields and the associated developments around the stadium.
Mr Cardoza's response can be read in full on the official NTFC website where he states: "I understand the news today is alarming for supporters but it is a deadline we intend to meet."