Magpies get administration extension
By Simon Fudge
Last Updated: 01/01/70 1:00am
The Magpies have been in administration for over a year now and were initially handed a May 27 deadline to come out of it or lose their league membership.
The Meadow Lane outfit looked to be on their way to financial security last month when a £3 million plus bid was accepted by Finnity from local business partners Raj Bhatia and Frank Strang.
However, Finnity has revealed that the league have not approved of the Bhatia - Strang consortium but admitted that a new consortium could be unveiled this week to save the club.
"The meeting went very well. We were there in very difficult circumstances," Finnity told the club's official website.
"There is no way that Bhatia and Strang can try and regain control of the club.
"That isn't initially my choice, that is the league's choice.
"They have failed to come up with the goods, and this has been confirmed in writing to them.
"I think it would be unfair to announce who is in the new consortium, but, by the end of this week, I should be able to announce who they are. It's very sensitive."
With the deadline extension, Magpies boss Billy Dearden should be able to re-sign Michael Brough and Ian Richardson to new contracts while securing deals to bring new faces in like former Rochdale striker Clive Platt this week.