Football League have to approve Notts takeover
THE Football League is waiting for the full details of the proposed takeover of Notts County before deciding if it will sanction the deal.
The Middle Eastern consortium, Munto Finance Ltd, has agreed to take over the Magpies, subject to the agreement of the club's existing shareholders.
Three shareholders – John Mounteney, Roy Parker and Peter Joyce, who own just under 40% of the club between them – are backing the move.
And members of the Supporters' Trust, who own the majority of 60.16% have received ballot papers to vote on it.
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If a majority are in favour, the Football League will apply their 'fit and proper persons' test to the members of the Munto group to ensure good governance of the club.
Two members of the consortium – Peter Trembling and Peter Willett – have already joined the Notts board.
There are five major points to the League's 'fit and proper persons' test.
It is a breach of regulations for the following to be a director or hold a majority interest in a League club:
Anyone subject to a ban from a sports governing body relating to the administration of that sport.
Anyone with an unspent conviction relating to fraud or dishonesty.
Anyone disqualified from acting as a director of a UK registered company.
Anyone currently subject to a bankruptcy order.
Anyone who has been a director of a club that has been in administration twice during a five-year period or a director of two different clubs that have each gone into administration in a five-year period.