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.
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Meadow Lane
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.
Comments
by Inoff the Red, Peoples Republic of Sneinton
Tuesday, June 16 2009, 8:15AM
“Taking over Notts County for peanuts could be the shrewdest bit of business Munto will ever do.
The site must be worth millions as part of the regeneration of the East Side.
I can see how some of the Trust members may be concerned that once they have given the club away, unless there is some protection against asset strippers, Notts County could still be starved of real cash while the new owners make squillions from property development, sell the stadium and ground share with Arnold Town.”
by paul, NORFOLK
Monday, June 15 2009, 10:24PM
“well well well roy are you one of many that want to see notts stay in the league basement or even lower get with the programme and vote yes,yes,yes this may just be your last chance to see the maggies rise from the ashes or would you want another season of despare, i know i dont so lets all vote yes,yes,yes”
by Roy, Chilwell
Monday, June 15 2009, 8:07PM
“For the sake of our club every fan in the Trust must vote NO NO NO to this takeover. Meadow Lane will be bulldozed to make way for a housing development if they buy us out. Vote NO.”
by David, Hornchurch
Monday, June 15 2009, 3:32PM
“JUNE 29th - THE DAY NOTTS COUNTY FOOTBALL CLUB GETS REBORN..................positive enough for you Stuart!!”
by Stuart, Colwick
Monday, June 15 2009, 12:48PM
“Most players don't become free agents until 30th June and I am sure we are already in discussions with those players we are targeting now. Anyone who is likely to sign will surely not commit elsewhere just yet with the takeover on the horizon. Lets remain positive.”
by Nigel, Notts
Monday, June 15 2009, 11:18AM
“Couldn't agree more David! All this time taking it to get sorted out is costing us getting some quality players!”
by David, Hornchurch
Monday, June 15 2009, 9:44AM
“The sooner the better.”