Magpies secure investment
Notts County settle debts and look to the future
Last Updated: 26/01/10 7:18pm
Notts County: Investment secured
Notts County's future has been secured after the League Two club found a new investor to end their financial concerns.
The Magpies were due in the High Court on Wednesday to face a winding-up petition brought by HM Revenue and Customs over an unpaid £600,000 tax bill from club owners Blenheim 1862.
Although the cash injection at Meadow Lane is still subject to the completion of due diligence, HMRC have agreed to shelve their proceedings for the next 28 days to allow the deal to go through.
Chief executive Peter Trembling and director of football Sven-Goran Eriksson have been seeking fresh funds to keep the club afloat since completing a management buyout last month.
And with a deal now struck which will pay off all their debts, the world's oldest Football League club believe they can look ahead to the future with confidence.
A statement on the club's 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 contractual matters are completed.
"It is anticipated that completion will be no more than 28 days.
"HMRC have today 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."