Magpies takeover approved

20 October 2009 04:05
The Football League has finally ratified Notts County's takeover by Munto Finance. Munto is a special-purpose acquisition company of a Middle East-backed investment fund based in Switzerland. They completed the buyout of the League Two club three months ago and promptly brought Sven-Goran Eriksson to Meadow Lane as well as promising to invest millions of pounds into the club. However, there had been doubts about whether the deal would be approved because of the mystery surrounding the identity of the club's owners. A statement from the Football League read: "The structure of the club is complicated, and features both offshore entities and discretionary trusts. "Together with the initial hesitation of the club's ultimate owners to identify themselves, this made for a lengthy and at times difficult process. "However, following greater co-operation from the club more recently, the Football League is now in a position to confirm that it is in possession of the appropriate details for those individuals that exercise control over the club."

Source: ESA