Notts County close to being sold, says owner Alan Hardy
Monday 25 February 2019 18:40, UK
Notts County owner Alan Hardy says the club is close to being sold and the financial problems at his company Paragon will not affect them.
The chairman, who put the oldest EFL club in the country up for sale last month, was responding after Sky Sports News exclusively revealed the Magpies are danger of going into administration.
This is due to Paragon, from which Hardy borrowed £7m to buy Notts County, is facing administration in the next few weeks, which Hardy admits is a "difficult and stressful situation".
But the 54-year-old said: "Further to recent speculation about the financial performance of Paragon Interiors Group PLC and any impact this may have on Notts County, I want to assure supporters that the club will not be affected.
"In the coming days I expect to receive a formal offer to purchase the club from an overseas consortium and more updates will follow in due course.
"In the meantime, I will continue to support the club as best I can while dealing with a very difficult and stressful situation at Paragon."
Hardy put the club up for sale last month after accidentally posting a naked picture of himself on social media, but Sky Sports News has learned that serious financial concerns are at the heart of his decision.
He is understood to have taken out a loan out from the Interior Design company to buy the Nottingham-based side in 2017 - and that "related party debt" of £7m is listed in Paragon's accounts with Companies House.
The company has stopped work on a number of contracts and told customers they hope to catch up in March, but if the business does bring in the administrators they are likely to call in the debt from the football club.
It would cast huge doubt over Notts County's future, with the team battling against relegation from the Football League for the first time in its 157-year history.
