The former owners of Northampton Town have lost their bid to appeal against a High Court judgement ordering them to repay money loaned to the club.
The original Judgment concerned £10.25m loaned to the club by Northampton Borough Council for stadium development.
Most of the money remains unaccounted for, and work on Sixfileds stadium was never completed.
An investigation by Northamptonshire Police led to them sending files on around thirty suspects to the Crown Prosecution Service.
The Council sued owner Anthony Cardoza and his son and former chairman David to try and recoup some of the loaned money.
In a January hearing, Judge Simon Barker found in favour of the council and Anthony Cardoza was ordered to repay Northampton Borough Council £2.1m.
David Cardoza was also told to repay some money from the loan which was used to rebuild his house.
During the original ruling, Judge Barker described Anthony Cardoza has ‘untrustworthy and unreliable.’
The Court of Appeal (Civil Division) has now confirmed Judge Barker’s findings.
In the order, Lord Justice Davis said it was ‘absurd’ to suggest the loan had benefitted the club.
He described the loan as being ‘routed back’ to Anthony Cardoza and that the money had been “misapplied to the detriment of club and creditors”.
He added the sums had been ‘wrongfully expropriated from the club.’
He concluded none of the grounds for appeal had realistic prospects of success.
A damming verdict on the previous owners of the club which once again makes a further laughing stock of the EFL’s ‘fit and proper’ person test for club owners.
Hopefully, the Cobblers can now move on and build on the stability Keith Curle has provided on the pitch and mount a serious challenge for a return to League One next season.
Their supporters deserve a good season after the recent worries surrounding the club.