Breaking news: The police have arrested a man, believed to be former chairman David Cardoza, over the missing £10m loan.
Have a look at the following taken from the BBC web site following a report into the situation at Sixfields. They've found documents the Northampton owner refuses to discuss (allegedly) as the deal was covered by a non-disclosure agreement:
"Millions of pounds of taxpayers' money intended for a football stadium redevelopment was "misappropriated" by developers, according to claims made in documents seen by the BBC.
Northampton Borough Council lent Northampton Town FC £10.25m for the work, none of which has been completed.
High Court papers contain allegations developer Howard Grossman and his associates used a "substantial part" of the money for unrelated purposes.
They have denied the claims.
A criminal inquiry is already under way into "alleged financial irregularities" surrounding the council's loan to Northampton Town, known as the Cobblers.
Former club chairman David Cardoza was arrested last week as part of the investigation which police say is ongoing.
The allegations about County Group, the trading name of companies owned by Mr Grossman, were made in papers filed at the High Court in November 2014.
The League Two club, of which Mr Cardoza was chairman, initiated legal action to establish what had happened to the loan money and to try to recover it after contractors were not paid.
Mr Grossman was a director of the company 1st Land Ltd, which was set up to carry out the refurbishment of parts of Sixfields Stadium and land adjacent to the ground - work that included a new stand, hotel and conference centre.
Approximately £8.75m of the council's money was transferred to 1st Land.
Where did the £10.25m loan go?
£8.75m was transferred by Northampton Town Football Club to 1st Land Ltd and County (Oundle) Ltd, both owned by Howard Grossman.
Of which:
£2.28m (estimated) to suppliers and contractors, including £491,000 to stadium builders Buckingham Group and £986,000 to Synergy Property Design Consultants
£2.05m to Mr Cardoza's father, Anthony
£1.475m to County Homes (Herts) Ltd, whose current and former directors include Howard Grossman and Stephen Hewitt
£1.09m to Marcus Grossman, Simon Patnick and Stephen Hewitt in "consultancy fees"
£600,000 to rebuild David Cardoza's house
£314,000 to Howard Grossman as a fee
£233,000 to County Cemetery Services Ltd, whose current and former directors include Marcus Grossman, Simon Patnick and David Cardoza. Shareholders included Anne Patnick, Steve Allan, Keith Western, Paula Etti, Christina Cardoza and Rita Cardoza. Its assets were sold to Centurion Infinity Ltd, whose current and former directors include Marcus Grossman, Simon Patnick and Gary Robert Platt."
The article then goes into some more detail about various payments made, including donations from people associated with Mr Grossman to local MP David Mackintosh's election campaign, Mackintosh having been the head of the council when the loan was authorised.
This all seems as bent as a nine-bob note, but is it illegal given the way company law often appears structured to allow such activity.