Source: Telegraph
Sven-Goran Eriksson makes swift exit as Notts County count cost of financial mess
So keen is the Swede to put the experience behind him, he has written off £2.5 million owed to him by the League Two club. But for County's new owners the process of forensic analysis into the club's accounts is only just beginning, a process which was accompanied by the warning that they fully anticipate the discovery of evidence of past questionable activity.[LNB]Ray Trew, the businessman who assumed control of County for £1 from former chairman Peter Trembling, has sent in a team of five accountants, who spent the day combing through computer documents, looking for discarded invoices in their attempt to unravel the mess left behind by Munto Finance and gauge the financial turmoil at the club.[LNB]Early discoveries have revealed that Munto changed the accounts system on their arrival in July last year. Jim Rodwell, County's new chief executive, told Telegraph Sport: 'They run up huge bills that the club could never hope to pay. I firmly believe they should be taken to task for this.'[LNB]Even though Trew's involvement dates back four weeks, including more than 60 hours spent at Meadow Lane this week before signing on the dotted line, due to time implications he was not able to complete adequate due diligence. [LNB]By purchasing the club through his company Contracting Solutions Group, he has structured his takeover so that administration would be simpler if the club's debts proved worse than anticipated.[LNB]Rodwell said the new board would take a decision next week, but stressed that administration was a last resort. Trembling has been vindicated of any dubious link to Munto by the new owners. 'He's been hoodwinked more than anyone,' Rodwell said. 'Peter was very open and transparent.' [LNB]Trembling has promised to take action against Munto, provided he can track them down, of course.[LNB]
