Notts still in talks with investors

By [dparkinson] james pallatt

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.

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."