Magpies poised for takeover

Middle East-based consortium have bid accepted

Last updated: 4th June 2009   Subscribe to RSS Feed

Magpies poised for takeover

Meadow Lane: Notts poised for takeover

FOOTBALL BETTINGFollowing news that Notts County is set to be taken over by a Middle Eastern consortium, Sky Bet have cut the Magpies to 16/1 (from 25/1) to win League Two after seeing some interesting wagers over the last couple of days. The bookmaker have also slashed them to 7/2 (from 7/1) for promotion. Click here to bet on football.

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Notts County are on the brink of being taken over by a consortium of businessman based in the Middle East.

Munto Finance Ltd, an acquisition vehicle created to gain control of the Magpies, are looking to transform the fortunes of the League Two side.

The Meadow Lane outfit, the world's oldest football league club, have spent the last 14 years in the third or fourth tier of the English game.

Munto's proposal has already been accepted by the board at Notts with two members of the consortium joining the club's hierarchy.

Magpies chairman John Armstrong-Holmes told the club's official website: "At a specially convened club board meeting held on Tuesday evening, the club board discussed the proposal from Munto which was accompanied by proof of funds and unanimously agreed to recommend its acceptance to all shareholders.

"Two of the Munto group, Peter Trembling and Peter Willett, were appointed to the club board with immediate effect to assist in the process."

Nottingham-born Trembling previously worked as commercial director for Everton and was vice-president and head of sport at MBNA International Bank.

Once the deal is completed he is expected to be named as the Magpies' new chief executive.

Armstrong-Holmes added: "Munto is eager to complete the deal as early as possible to plan for next season and, subject to shareholders agreeing to it, the takeover could be completed within a few weeks."