Armstrong-Holmes regrets sale

11 December 2009 08:59
The League Two side are reported to have been put up for sale by Munto just months after the buy-out, which came with the promise of huge investment and attracted former England manager Sven-Goran Eriksson and former England defender Sol Campbell to Meadow Lane.[LNB]The stated aim was to reach the Premier League in five years but the funds expected to come from the unknown investors behind Qadbak - of which Munto is a subsidiary - have failed to materialise.[LNB]Campbell quit the club just one game into a five-year contract and director of football Eriksson could now follow suit unless a suitable takeover for the world's oldest professional club can be arranged. [LNB]Eriksson has been linked with being part of a management buy-out of the club involving executive chairman Peter Trembling, but it is believed that no discussions have taken place with Eriksson regarding such a move.[LNB]Armstrong-Holmes told The Guardian: "I was told that Munto's backers, Qadbak Investments, were owned by hugely wealthy investors who would take Notts County to another level financially.[LNB]"Far from believing that the club is now on its way to climbing up the leagues and the bright future Qadbak promised, I am now dreadfully worried about what the future holds.[LNB]"I now feel as if I have been hoodwinked by Qadbak into agreeing to hand over the shares, because clearly the money has not been made available.[LNB]"And I bitterly regret, in hindsight, recommending the trust write off its loan, to which so many good, loyal Notts County supporters donated money."[LNB]The club's parent company was issued with a winding-up order earlier this year by HM Revenue & Customs.[LNB]And County's current executive chairman Trembling, who admits he does not know how much Qadbak investors are willing to put into the club, has responded to Armstrong-Holmes' comments.[LNB]"He will have done his own due diligence. If that wasn't satisfactory he should have said so. He was satisfied with the paperwork he saw at the time."[LNB][LNB]

Source: Team_Talk