Notts still in talks with investors
NOTTS County chairman John Armstrong-Holmes said last night that talks with potential investors has reached the key stage of due diligence.
Armstrong-Holmes told more than 200 supporters at a fans' forum at Meadow Lane he last met with the unnamed consortium on April 2 – and revealed the two parties have exchanged financial information.
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John Armstrong-Holmes
Armstrong-Holmes and Magpies' vice-chairman Roy Parker have been in talks with the group of businessmen since last September – but serious discussions are said to have only taken place in the last couple of months.
Armstrong-Holmes said: "I got a phone call from a broker expressing an interest from a group of people last September, so I asked him to put it in writing. Roy Parker and I met them for the first time on October 23 last year and had two or three hours of discussions.
"They were informal and we talked about what may and may not be possible and they asked us to sign a confidentiality agreement.
"We next had a short meeting just before Christmas when the broker came to the club. We met again in January and at the end of February when the talks were more in-depth.
"Our last meeting was on April 2 and the stage we have reached is that we have exchanged financial information; that is where we are at."
Armstrong-Holmes revealed the investors have expressed concern about the recent infighting on the board of the Supporters' Trust, the club's majority shareholder.
"When we last met there was still some interest, although they registered their concern about what was happening at the club," he said.
Armstrong-Holmes revealed the club plan to announce their yearly accounts on April 24.
He said they "look very good", despite admitting it is a testing time financially.
He said lower home attendances this season have affected the financial state of the club, having budgeted for average crowds of 5,000.
And he revealed Nottingham Rugby are currently paying a reduced rent for the groundshare at Meadow Lane because of their financial difficulties.
"Times are difficult, there is no question about that," he said. There is a credit crunch out there but we are managing our way through it.
"Attendances have dropped below what we thought was possible but we are dealing with it."
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by 56 years a magpie, Wilford
Thursday, April 16 2009, 10:57AM
“Ian, Mr. Pavis might well have made a mistake selling the club to Albert Scardino but he in no way is responsible for the mess he got the club into. The Trust has made what could turn out to be a far more seriuos mistake in appointing JAH as Chairman, something that I and many others hope to be put right at the meeting on the 28th.”
by STP, Nottingham
Thursday, April 16 2009, 8:57AM
“Heaven help us. Never mind all this arguing about Armstrong Holmes, what about the poorest performing manger in Notts' history?”
by Ian, West Bridgford
Thursday, April 16 2009, 8:33AM
“56 years a magpie, Wilford, Next season I will have been supporting Notts for 60 years, a record that I am very proud of. You state that Derek Pavis ran the Club for many years with out the help of the Rugby Club or going into Administration.
I would like to challenge you on part of that statement, the fact that Pavis sold the Club to Albert Scardino with out doing his homework on the man correctly was the main reason why Notts went into Administration, that & a certian Peter Storey giving contracts to so called footballers who could not play.
As we Notts Supporters are all aware Mr Pavis always did his homework, that is why he did not employ Peter Reid as our Manager as I remember it at the time.”
by 56 years a magpie, Wilford
Wednesday, April 15 2009, 7:28PM
“T, Notts, I don't know which planet you live on but its not this one. so you want the football club to subsidise the rugby club futher and allow them to ruin the pich in a ground that cost the football club millions to build and pay a pittance for the honour. It isn't the football clubs place to get the rugby club out of a situation they created for themselves when they were paid a great deal of money when they sold their ground at Beeston and wasted it. As for getting more young people to watch rugby. The rugby club are at the moment having one of their best seasons in years but still don't get enough people to watch them in order that they can even afford the rent for Meadow Lane, they should go and play on Lady Bay where there is plenty of room for the few people that want to watch them.”
by Tony, Warwickshire
Wednesday, April 15 2009, 5:20PM
“Couldnt agree more Mark, the witchhunt should stop because I cant see the rebels - who seem to want to Micro manage the club - being anything other than a backwards step.”