"IS IT really? I can't believe it," he said. Carl Muggleton, the assistant manager of Notts County, was surprised to be told it is today two years since Ray Trew became the club's owner and chairman.

"It's flown by," Muggleton added, his disbelief now faded. He is right. It has. Because so very much has happened. Time flies when you avoid administration and stave off a winding-up petition at the eleventh hour, then go on and win promotion and a league title. Then there was Sven-Goran Eriksson, of course.

Trew completed his takeover at Meadow Lane on February 11, 2010, buying the world's oldest League club for a quid from its former executive chairman Peter Trembling.

The Magpies were in a terrible mess back then. Munto Finance, remember them, took over Notts in July 2009, appointed Eriksson as director of football, signed big-name players like Sol Campbell and Kasper Schmeichel on big money and promised promotion to the Premier League within five years, but they lasted only five months, however, before selling the club to Trembling, leaving it with huge debts, which Trew uncovered to be around £7m.

The Magpies were facing a winding-up petition in the High Court over unpaid tax and on the brink of administration, maybe worse still, when Trew took control and yet he paid off HM Revenue & Customs and chose, admirably, not to plunge the club into administration.

His first big decision, it was his best. Notts went on to win the title in League Two in May 2010, are now financially stable and in 11th place in League One, with a chance of challenging for the play-offs.

Muggleton has been at Meadow Lane through all of these events. "It's fair to say we've had a few ups and downs," he smiled.

"I can't believe it's been two years since Ray came in. It was a crazy time when he took over because we'd had Munto and Sven.

"After Munto sold the club there was talk of new financial backing from here, there and everywhere, which never materialised, and it was a very uncertain time.

"Everybody was talking about administration because of the debts, which quickly escalated, but Ray came in and worked very hard, with Jim (chief executive Jim Rodwell) to prevent that and the club is looking far healthier now and is heading in the right direction.

"All the credit has to go to them. They have worked hard, everyone has, to bring us to this point."

Muggleton believes the stability Trew has inspired has helped him, manager Martin Allen, first-team coach John Schofield and the players focus purely on football and winning matches to try and fulfil the chairman's long-term vision of promotion into the Championship

"Stability within the club is so, so important," said Muggleton.

"I can't imagine what it's like to be at a club that goes into administration and players not getting paid.

"To have that stability, knowing the pay packet is going to be there at the end of the month, is one thing less to worry about.

"We can all concentrate on the football, so we are in the right frame of mind to win games on a Saturday."

It would be quite an achievement for the Magpies to rise into the Championship, given they last played in the second tier of English football in 1995.

"Yes, it would be," agreed Muggleton. "From when I first came in under Charlie (former manager Ian McParland) the plan was to make steady progression, but then we had the takeover by Munto and their big plans of the Premier League.

"It's great to be back on an even keel now and the vision is once again to make steady progress.

"Lets not get carried away, let's just make steady progress. We just stayed in the league last year and we're mid-table now. We're going in the right direction.

"Let's go in the right direction this year, next year and the year after, without getting carried away, and see where it takes us."

Notts could still challenge for promotion into the Championship in the final 18 games of this season because they are only eight points adrift of the top-six and so the play-offs, having been as high as third place earlier in this campaign.

Notts plainly sense an opportunity to rise up the table once again in the last three months of the season and Trew has recently backed Allen to sign two new strikers, Jonathan Forte and Cristian Montano, on loan.

Montano, 20, spent two months on loan at Meadow Lane from West Ham United earlier this season, scoring four goals in 12 games, and Muggleton believes he can impress again on his return to the club.

"It's always great to have a new player come in," he said.

"Having Cristian come back is a good lift for everybody. He's a very popular lad throughout the club, with the players and staff. He's got a lot of talent too and hopefully we can see that again in the games he plays.

"He played well when he was here before, scored important goals and the fans took to him.

"He went back to West Ham, but we've kept an eye on him and a lot of the players kept in touch with him, so he did capture the hearts of a lot of people.

"It's great to see him back and hopefully he can go out on the pitch and showcase his talents once again and score us a few goals.

"He's quite a laid back character, so he will take it all in his stride.

"He will just go out there and perform as well as he can. He will do fine."

Notts too, are just fine, thanks largely to Trew.