New Notts County chairman Ray Trew has admitted the club may be forced into administration this season.
County chairman lifts the lid on financial woes at Meadow Lane
New Notts County chairman Ray Trew has admitted the club may be forced into administration this season.
The former Lincoln City supremo took charge at Meadow Lane last week, acquiring the League Two outfit from Peter Trembling for just £1.
He has inherited a club struggling under considerable financial burdens, with the Munto Finance group, who bought the club last summer but failed to live up to their lofty promises, leaving the side in a sorry state.
Trew believes he is the right man to turn the club around, but has warned that there will be no quick fix.
The successful businessman is currently prepared to fund the club out of his own pocket, but admits considerable investment will be required to keep County afloat.
Debt
"Currently the debt stands at circa £4million, that's historical debt," he told
Sky Sports News.
"However, this football club, as I have said previously, needs between £2-2.5million just to get it through to the end of the season.
"We are not looking for external investment but if someone comes knocking on our door, we are not going to turn them away."
County, like a number of sides this season, currently face a winding-up order as a result of their precarious financial state.
Trew is again confident that the authorities can be appeased but admits he must investigate the Meadow Lane books further before deciding what action, if any, to take against Munto Finance and the way in which they went about running the club.
"We will call in the authorities, there is no question about that," he said.
"However, at this stage that would just be a distraction we can't deal with. We have a job to do and we need every pair of eyes and every pair of hands on that task in the short term.
"We have got to deal with the winding-up order on the 24th, which we will do. It's very easy to go and pay the Customs & Revenue tomorrow but until we determine the extent of the debt of the football club, I'm not prepared to do that."
Realistic
County's fate continue to hang in the balance, and a successful season on the pitch could also be left in tatters.
The club currently sit inside the League Two play-off places, but Trew admits the Magpies may yet be forced into administration - which would result in a 10-point penalty.
"We have not ruled it out but it is certainly not a road we wish to go down," he said.
"We have to be realistic and face facts, if it's necessary we will have to do so."
