New investor steps in to save County

26 January 2010 07:06
The club on Tuesday announced the investment had been secured, subject to contract and due diligence, and would cover all existing club debts.[LNB]The details of the investment have not been revealed and the identity of the investor will remain confidential until the contract is signed.[LNB]But it is believed that will take no more than 28 days and HM Revenue and Customs have confirmed they are satisfied the investment is genuine and a 28-day extension to finalise the terms has been granted.[LNB]County faced the prospect of finding £2million by Wednesday to prevent the club going out of business.[LNB]The Magpies were due in the High Court on Wednesday after the club's owners Blenheim 1862 were served a winding-up petition from HM Revenue and Customs over an unpaid tax bill.[LNB]Executive chairman Peter Trembling and director of football Sven-Goran Eriksson have been searching Europe for investment since completing a management buyout at Meadow Lane in December.[LNB]Speaking to the Evening Post before a deal had been struck, Trembling said: "We have been speaking to a number of investors for a few weeks now and we have got two investors who are very close to the line.[LNB]"Sven and I have met them and we have presented our vision to them. They are very enthusiastic and they have got the funds - we have seen the proof of that."[LNB]The Magpies have suffered a turbulent season. After announcing details of their Middle Eastern investment in June 2009, the club then went on to hire former England boss Eriksson and recruit Sol Campbell.[LNB]After a slow start to the season defender Campbell left the club in controversial circumstances and manager Ian McParland was sacked following a 2-2 draw with Torquay, with Eriksson's fellow Swede Hans Backe taking the reigns.[LNB]Backe's first game was a 1-1 home draw with Shrewsbury but his tenure was shortlived and he resigned as manager in December following just nine games in charge.[LNB]A bleak December continued when investors Munto Finance announced they were looking to sell the club before Trembling confirmed he had purchased it off them for a nominal fee.[LNB]A second-round FA Cup tie with Forest Green went to a replay before Lee Hughes struck to set up a plumb third-round clash with Premier League side Wigan, where they managed a 2-2 draw over the weekend.[LNB][LNB]

Source: Team_Talk