A consortium featuring former AC Milan, Chelsea, and Brazil striker Alexandre Pato is poised to acquire a majority stake in Northampton Town, as confirmed by BBC Sport.

Sports Alpha Capital had previously been in negotiations to take over Colchester United but withdrew from those discussions earlier this year. While Pato is part of the consortium, he is not the leading figure in the initiative.

At 36 years old, Pato retired from professional football last year, with a notable career highlighted by:

• Scoring 63 goals in 150 matches during his five-and-a-half years at AC Milan.
• Winning the Serie A title in the 2010-11 season.
• Scoring on his debut for Chelsea during a loan spell in the 2015-16 season, contributing to a 4-0 victory over Aston Villa.

This development follows confirmation from Northampton chairman Kelvin Thomas, who revealed last month that a "well-funded" group's investment proposal was nearly finalized. The Cobblers faced relegation to the fourth tier last season, finishing at the bottom of the League One table.

In April, the club reported a pre-tax loss nearing £3 million, with Thomas stating that the upcoming investment would render the club debt-free.