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Notts County confident of heading off winding up threat

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Trembling confident County can pay

Notts County are confident of staving off their current financial crisis following discussions with investors.

The League Two side have been served with a second winding up petition from HM Revenue and Customs.

But chief executive Peter Trembling is confident the club's tax bill will be covered "by the end of next week".

The news comes at a time when the club have also secured a six-figure sponsorship deal with Norwegian firm Ludo, BBC Sport understands.

BBC 5 live's Pat Murphy says a deal with the telecommunications giant has been agreed, starting from next season.

Murphy said: "Sven-Goran Eriksson will travel to London on Wednesday trying to attract more investment into Notts County, who are battling against debts of £1.5m - £600,000 of which is the bill from the tax man for PAYE, and that must be settled in the next three weeks or the club faces administration.

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"Eriksson's been instrumental in landing a sponsorship deal with Ludo - a telecommunications company from Norway - that will probably be for shirt sponsorship but won't kick in until next season and will net the club around £300,000.

"County's executive chairman Peter Trembling said today he has agreed in principle with various investors the PAYE bill should be covered by the end of next week.

"But in terms of County's financial well being for the rest of the season, Eriksson is a key player."

Only two months ago, the Magpies paid a bill of about £400,000 in unpaid tax.

And the Football League has imposed a transfer embargo on the League Two club following this latest winding up petition, which means the League Two side are not able to do any business in the January transfer window.

The petition, issued against County's parent company Blenheim 1862 Limited, will be heard at the Royal Courts of Justice on January 27.

But Trembling, who led a buy-out of the club from previous owners Munto Finance in December, insists there is no need for supporters to panic.

Trembling added: "While appreciating that news of a petition from HMRC will come as a source of concern to supporters, I can reassure them that we are doing everything possible following the management buy-out of the club to ensure that the club's finances are put on a stable footing.

"Since being made aware of the possibility of the petition, we have kept our management and playing squad fully informed about the situation.

"Our efforts are focused on securing new investment to the club.

"The club is now in active discussions with a number of interested parties regarding substantial multi-million pound investment into the club. We are extremely encouraged by these discussions and hope to make an announcement in the near future.

"We have kept all our potential investors fully appraised of the situation regarding HMRC and they are fully relaxed about this.

"I can categorically reassure all supporters that the club intends to meet and settle the requirements of this petition and of our other creditors.

"The monies involved in this petition are entirely separate to the previous petition, which was settled in full at the time several months ago.

"Clearly, the postponement of three fixtures over the festive period has not helped the club's cash flow and this is an area we are currently actively addressing.

"Our immediate objective of securing promotion this season remains unchanged and the group of players we have assembled are totally committed to achieving that."



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see also
Magpies dream on hold - Eriksson
03 Jan 10 |  Notts County
Eriksson to stay at Notts County
15 Dec 09 |  Notts County
Notts County chairman buys club
12 Dec 09 |  Notts County
Notts County avoid court action
11 Nov 09 |  Notts County


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