Magpies chairman-elect Trembling delight at Trust support of takeover
THE Middle Eastern consortium set to take over Notts County has expressed its delight at receiving the unanimous backing of the Supporters' Trust.
Members of the club's Trust – the majority shareholder – voted overwhelming in favour of giving Munto Finance its 60.16%stake in the club.
A staggering 93% of voting Trust members approved the takeover that had already been endorsed by the club and Trust board – and its other shareholders.
Munto has now received votes in favour of the takeover from shareholders representing 90% of Blenheim 1862 Limited, the company which owns and controls Notts.
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The consortium will now complete its final due diligence and, barring any unforeseen issues, expects to complete the transaction within the next 21 days.
Speaking for the first time about the takeover, Peter Trembling, who will become the chief executive and chairman of the club when the transaction completes, said: "We are delighted that the Supporters Trust has given us its backing.
"This was paramount to the consortium, which is prepared to invest in the club over the next few years in a structured and staged way, to achieve their initial objective of making the club an established Championship side within four to five years.
"Munto is committed to the community and fans alike.
"The aim is to enable the club to steadily rise through the tables, eventually depending upon its own resources and to make sure that it has a stable and secure future.
"Munto is wholly owned by QADBAK Investment Fund which consists of a number of investors based in the Middle East.
"QADBAK understands the potential that Notts County FC has in terms of its brand, history and tradition and view this as a long-term business opportunity.
"I look forward to unveiling more of our plans for the development of the club (both on and off the field) once the appropriate legal process has been completed."
Outgoing Magpies' chairman John Armstrong-Holmes has described Munto's takeover as a "dream deal" for the club.
Armstrong-Holmes and vice-chairman Roy Parker both flew out to the Middle East to meet the consortium at the end of May.
And both look set to stay on at Meadow Lane in an advisory board.
Armstrong-Holmes admits he was excited as soon as he saw their proposals.
He said: "They told us they wanted to build a model club.
"They had looked at other clubs, but they were excited about Notts being the world's oldest league club.
"They were excited about taking the world's oldest league club out of the depths of the fourth division of English Football and into the Championship by 2012, our 150th anniversary, and then ultimately the Premier League.
"I knew the supporters would go for it, I always believed in them. I never thought for one moment they would vote against it.
"They know just how significant this is for the club. It is a deal that secures a bright future for the club.
"It's the best deal in 147 years of this club.
"The majority of fans, fans who know me, know I would never do anything to put this football club in peril."
With the Supporters Trust set to relinquish its majority stake in the club, Armstrong-Holmes insists fans still have a big role to play in the future of the club.
"There is a role for supporters in the future, I strongly believe in that," he said.
"Munto are very big on making this a community club and there will be avenues of communication for them. That will need to be worked out.
"I think we achieved the maximum we could with a Supporters Trust as the majority shareholder.
"The Trust doesn't have the money to take this club forward like Munto can.
"The club has a lot of potential and I believe it will now be fulfilled.
"Ian McParland has done a good job with limited resources. Now we will see how good a manager he really is. It's exciting times for the club.
"I won't miss being chairman, I can't say I ever wanted to be the chairman.
"I'm just looking forward to seeing this great club rise again."