Notts County given stay of execution over tax bill
Notts County have promised that new investment in the club is imminent, after it was revealed that they have been given 28 days to repay £324,000 tax bill or face being wound up.
Executive chairman Peter Trembling and director of football Sven-Goran Eriksson have been searching for investment since completing a management buyout at Meadow Lane in December and faced the prospect of finding £2 million to prevent the club going out of business.
The Magpies were due in the High Court on Wednesday after the club's owners Blenheim 1862 were served a winding-up petition from HM Revenue and Customs over an unpaid tax bill, but it has now been confirmed that they are satisfied the investment is genuine and a 28-day extension to finalise the terms has been granted.
The news comes after the club announced on Tuesday that the investment had been secured, subject to contract and due diligence, and would cover all existing club debts, though a contract is not believed to have been signed yet.
"We have been speaking to a number of investors for a few weeks now and we have got two investors who are very close to the line," Trembling told the Nottingham Evening Post before a deal had been struck. "Sven and I have met them and we have presented our vision to them. They are very enthusiastic and they have got the funds - we have seen the proof of that."