Trembling reassures Magpies fans

05 January 2010 12:56
The Magpies' parent company Blenheim 1862 has been served with a winding-up petition from HM Revenue and Customs.

The club was served with a petition by HMRC on November 27 over an additional six-figure tax debt.

Trembling explained that the two petitions are not connected, but even so, County could find themselves in the Royal Courts of Justice in London on January 27 facing administration.

However, Trembling, who bought the club for £1 from Swiss-based Middle East consortium Munto Finance in December, insists it will not get that far.

He explained that he has been in negotiations regarding multi-million pound investment, and there are now active discussions which he hopes will lead to fresh funding.

In a statement on the club's official website, Trembling said: "While appreciating that news of a petition from HMRC will come as a source of concern to supporters, I can reassure them that we are doing everything possible following the management buy-out of the club to ensure that the club's finances are put on a stable footing.

"Since being made aware of the possibility of the petition, we have kept our management and playing squad fully informed about the situation.

"Our efforts are focused on securing new investment to the club. Since completing the management buy-out, this has been our principal objective to ensure that we can continue to deliver on-field success.

"As a result of these works, the club is now in active discussions with a number of interested parties regarding substantial multi-million pound investment into the club. We are extremely encouraged by these discussions and hope to make an announcement in the near future.

"We have kept all our potential investors fully appraised of the situation regarding HMRC and they are fully relaxed about this.

"I can categorically reassure all supporters that the club intends to meet and settle the requirements of this petition and of our other creditors.

"The monies involved in this petition are entirely separate to the previous petition which was settled in full at the time several months ago.

"Clearly, the postponement of three fixtures over the festive period has not helped the club's cash flow and this is an area which are currently actively addressing.

"Our immediate objective of securing promotion this season remains unchanged and the group of players we have assembled are totally committed to achieving that."

Source: Team_Talk

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