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Page last updated at 14:51 GMT, Tuesday, 20 October 2009 15:51 UK

Notts County takeover is approved

Notts County

Notts County's takeover by Munto Finance has finally been approved by the Football League.

Munto Finance completed the buyout in July and promised to invest millions of pounds into the ailing League Two club.

But there had been doubts whether the deal would be ratified because mystery surrounded the identity of the club's new Middle East owners.

However the Football League are now satisfied the new owners pass the Fit and Proper Persons test.

A statement from the Football League said: "This decision is based on the extensive disclosure provided by the club with regard to its ownership structure.

It is a matter for the club to determine what ownership information it makes public

Football League statement

Munto is a special-purpose acquisition company of a Middle East-backed investment fund based in Switzerland.

The Football League statement continued: "This structure is complicated, and features both offshore entities and discretionary trusts.

"Together with the initial hesitation of the club's ultimate owners to identify themselves, this made for a lengthy and at times difficult process.

"However, following greater co-operation from the club more recently, The League is now in a position to confirm that it is in possession of the appropriate details for those individuals that exercise control over the club.

"It is a matter for the club to determine what ownership information it makes public."

Following the summer takeover, the new owners showed their intention to transform the Meadow Lane club by investing heavily in new playing talent.

Notts named former England manager Sven-Goran Eriksson as director of football and the club have invested heavily in new players.

But boss Ian McParland was sacked earlier this month despite the Magpies occupying one of the play-off spots.

The club hope to make a new appointment by the end of October and say they have a shortlist of five possible managers.

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