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New investor steps in to save County

26 Jan 2010 19:06:58

New investor steps in to save County

The club on Tuesday announced the investment had been secured, subject to contract and due diligence, and would cover all existing club debts. The details of the investment have not been revealed and the identity of the investor will remain confidential until the contract is signed. 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. County faced the prospect of finding £2million by Wednesday to prevent the club going out of business. 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. 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. 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. "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." 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. 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. 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. 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. 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.


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