Notts County owner Ray Trew agrees to sell the club to local businessman
Monday 19 December 2016 15:33, UK
The owner of Notts County, Ray Trew, has agreed to sell the club to local businessman Alan Hardy, the club has confirmed.
Trew bought County in 2010 for £1, saving the club with it on the brink of administration.
After protracted negotiations lasting several months, Trew has agreed to sell the club and his 100% stake to Magpies supporter Alan Hardy.
But Sky sources understand the takeover will not be formalised until the New Year, with Hardy keen to complete a thorough due diligence on the club's accounts before committing to a legal agreement.
A temporary deal was reportedly finalised late on Sunday, with Hardy offering up the £300,000 the club needed to stave off a winding up order from HM Revenue and Customs due to be heard in the High Court on Monday.
"It has been one of the hardest tasks of my time at Meadow Lane to find a successor to my tenure of the club, but I feel that in Alan Hardy the Notts County fans will have found someone who they can get behind and believe in to usher in a new era that I hope will bring success and happiness for all involved," said Trew in an official club statement.
"In handing over the reins of this great club, I am comfortable in saying that I have always given my all to the betterment of the World's Oldest Football League Club and whilst things haven't always gone as I would have liked, I have enjoyed some incredibly memorable moments during my time at Meadow Lane and leave the club feeling incredibly proud of the fact that the fans still have a club that they can believe in and support on to bigger and better things in the future.
"I would like to thank everyone who has played any part in the running of Notts County during my time at the club, there are far too many to name, but I hope that they know how much I appreciate the hard work and commitment that they put in to ensure that Notts battled through thick and thin over the years that I was at the helm.
"Football is an industry like no other and I have learned some valuable lessons along the way, but I wish Alan and everyone associated with Notts County all the very best for the future and hope that they bring the success that we all crave for the club over the coming years."
Trew put the club up for sale in February 2016 for an initial asking price of £10m, which was soon halved within negotiations with Hardy.
The two had still yet to come to an agreement after months of negotiations but it is understood the sale of Jack Bearne to Liverpool, the club dropping to 20th in League Two and six straight league defeats, has accelerated a sale for an as yet unconfirmed amount.
"I am delighted to confirm that I have reached an agreement with Ray Trew to purchase Notts County Football Club," Hardy said on Monday.
"This follows a series of discussions over the weekend. As part of the agreement, I will be ensuring the club is able to settle a High Court hearing scheduled for Monday.
"There is still a considerable amount of work to be undertaken in the coming days and, together with my team, we will be working around the clock to conclude our agreement and make a more formal announcement in the near future.
"I wish to emphasise my passion, desire and commitment to all Notts County supporters to drive this club forward."
Notts County were promoted to League One three months after Trew bought the club in 2010, where they spent the next five seasons before dropping back down to League Two in 2015 and currently sit just one point outside the relegation zone.
