Source: Team_Talk
County chief sells stake in Magpies
Trembling, who completed a management buy-out of the League Two club from the Munto Finance group in December, has signed over his 90% shareholding and left the club with immediate effect.[LNB]Former Lincoln chairman Ray Trew is thought to be the man behind the takeover, and it is not known how the move will affect Sven-Goran Eriksson's role as director of football.[LNB]Eriksson joined County in the summer but has recently been linked with the task of leading Nigeria at the World Cup, and other jobs.[LNB]A statement by Trembling on Notts County's official website read: "I am delighted to announce that the search for investment into this football club has concluded and last night I signed over my 90% shareholding in the club and hence the ownership to a new consortium.[LNB]"This consortium will reveal themselves and their plans for the club at a press conference tomorrow.[LNB]"We have been on a relentless search over the last couple of months for parties intent on and able of investing £25million - £50million into Notts County.[LNB]"I have said all along that for relatively little investment and the capability to build thereafter, this opportunity represents one of the best, pound for pound in football."[LNB]He added: "However, the biggest challenge all along has been time and it has proved impossible to secure the major investment in the tight timeframes we have.[LNB]"The new owners of the club are not of the £25million-plus ilk but they do know the football business and most importantly have sufficient funds available to ensure the immediate survival of this football club and not least in view of our court case in less than two weeks' time.[LNB]"In addition they are intent and focused on promotion this season which has been the major objective from day one.[LNB]"Accordingly I am satisfied with our due diligence and that I am passing the baton over to people who can take this football club forward."[LNB]Trembling claimed the club was "left in a desperate situation courtesy of Munto Finance" and promised to go into more detail at a later date.[LNB]He added: "I will be at the Fulham game on Sunday and can think of no better stage than an FA Cup fifth-round tie against Premier League opposition to say my farewells."[LNB]Trew is thought to have bought the club for a nominal fee but County have debts which total more than £1.5million.[LNB]The club are due back in the High Court on February 24 to face a winding-up petition from HM Revenue and Customs for an unpaid tax bill. Former manager Ian McParland and Nottingham Rugby Club are also thought to be owed money by the club.[LNB][LNB]
