Magpies investment talks 'advanced'

25 January 2010 06:01
The Magpies have revealed talks with investors are at an 'advanced stage' and that an announcement regarding new ownership of the club could be made as early as Tuesday.

That would come just a day before the League Two club's High Court date to answer a winding-up petition from HM Revenue and Customs over an unpaid £600,000 tax bill.

Executive chairman Peter Trembling hopes to pay off the debt and avoid going to court.

He and director of football Sven-Goran Eriksson have scoured Europe for suitable investors since completing a management buyout at Meadow Lane last month.

Trembling was confident of securing major investment by the end of last week, but that did not happen.

However, a statement on the club's official website on Monday evening read: "Discussions are at an advanced stage to secure the required investment.

"Executive chairman Peter Trembling and director of football Sven-Goran Eriksson have been in London today to bring these discussions to a conclusion.

"We are fully aware of and sympathise with the frustrations and anxieties of our supporters during what has been a difficult time.

"Genuine progress is being made with the investment parties and we remain extremely confident that the requisite investment will be secured to ensure that the club can meet all its financial obligations.

"As we have stated previously, we are endeavouring to condense an investment programme that would ordinarily take several months into a matter of weeks.

"We are extremely close to completing our discussions and hope to be in a position to make a positive announcement tomorrow."

Trembling currently controls County's finances after purchasing the club for £1 from Swiss-based Middle East consortium Munto Finance.

Earlier this month he revealed he was looking for investment of between £25million and £50million to finance the club's five-year plan for Premier League football.

Source: Team_Talk