ACCRINGTON-BORN England and Lancashire cricketing legend David Lloyd has led a chorus of praise for the ‘fantastic’ news that local businessman Andy Holt is poised to take control of the town’s football club.

Tomorrow night a special shareholders’ meeting is set to approve a deal under which the 51-year-old owner of Altham’s What More UK will take a majority stake in Accrington Stanley, injecting up to £1.8 million into the Reds.

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Mr Lloyd was joined in hailing the proposed take-over by politicians, current chairman Peter Marsden and his predecessor Ilyas Khan.

Miles Parkinson, Labour leader of Hyndburn Borough Council, which owns the club’s Livingstone Road ground, said: “This is fantastic news for Stanley and the borough, especially with the team doing so well on the pitch.”

He was joined in his backing by current council Tory group leader Tony Dobson and his predecessor Peter Britcliffe.

Mr Lloyd, a Stanley director, said: “This is fantastic news.

“This puts a club which has struggled financially on a sound footing.

“He is a local, community-based fan and this is perfect timing for Stanley to go from strength to strength.”

Mr Holt said last night: “This isn’t really about who ‘owns’ the club, because it’s never going to be a money-making venture.

“It’s about custodianship and if this goes through I will just be the latest in a line of custodians, doing my level best to look after the business side.”

Mr Holt would take over Accrington Stanley’s debt of £476,805 belonging to former chairman Ilyas Khan.

Mr Khan, instrumental in rescuing the club’s finances in 2011, said: “This is fabulous news.

“Andy has generously agreed to repay some of the outstanding debt to me.

Current chairman Peter Marsden, expected to keep his post, said: “This is a fantastic boost for the club and the town.”