New investor saves Notts

27 January 2010 07:13
Notts County's immediate future appears to be secure after the League Two side confirmed that they had attracted a new investor. The news was confirmed less than 24 hours before Notts were due to face a winding-up petition from HM Revenue and Customs over an unpaid £600,000 tax bill. A statement on Notts' official website read: "The club is pleased to announce that an investor has been secured, subject to contract and final due diligence, which will satisfy all existing club debts as well as allow the club working capital both in the short term and in the long term. "The terms of the investment presently remain strictly confidential, as does the name of the investor, until the contractual matters are completed. It is anticipated that completion will be no more than 28 days. "HMRC have informed us that they are satisfied that the investment offered is genuine and the club is entitled to a 28-day extension to finalise the terms of the investment."

Source: ESA