Source: PA
Magpies taken over
A consortium of investors have taken control of Notts County.
Executive chairman Peter Trembling, who completed a management buy-out of the League Two club from Swiss-based Middle East group Munto Finance in December, has signed over his 90% shareholding and has left the club with immediate effect. Former Lincoln chairman Ray Trew is thought to be the man behind the takeover.
A statement by Trembling on Notts County`s official website, nottscountyfc.co.uk, said: "I am delighted to announce that the search for investment into this football club has concluded and last night (Wednesday) I signed over my 90% shareholding in the club and hence the ownership to a new consortium. "This consortium will reveal themselves and their plans for the club at a press conference tomorrow (Friday). We have been on a relentless search over the last couple of months for parties intent on and able of investing £25m - £50m into Notts County.
"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. Proposed investors have concurred with that statement and have shown intent and proof of funds in their respective quests for getting involved with Notts County. 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.
"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. In addition they are intent and focused on promotion this season which has been the major objective from day one."
Trew is thought to have bought the club for a nominal fee but Notts have debts which total more than £1.5million. County 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.
