New era beckons for World’s Oldest Football League Club

A MIDDLE Eastern consortium is set to buy Notts County in a multi-million-pound deal.

Munto Finance Ltd, a specially created acquisition vehicle, confirms it has agreed to buy the world’s oldest football league club for an undisclosed sum, once the usual financial checks have been carried out.

The group, which is owned by several businessmen based in the Middle East, wants complete control of the Magpies – and has ambitious plans to restore the fortunes of the world's oldest football league club.

Magpies chairman John Armstrong-Holmes today confirmed: “At a specially convened Club Board meeting held on Tuesday evening, the Club Board discussed the proposal from Munto which was accompanied by proof of funds and unanimously agreed to recommend its acceptance to all shareholders.

“Two of the Munto group, Peter Trembling and Peter Willett, were appointed to the club board with immediate effect to assist in the process.”

Nottingham-born Trembling was vice-president and head of sport at MBNA International Bank and was also employed by Premiership Everton as commercial director.

If the deal goes through as expected, he is likely to become County's chief executive, in day-to-day charge.

Willett is based in the Middle East as client representative for the Al Thani Investment Group, overseeing their property investments and developments worldwide, which have been over $7bn over the last few years.
“Munto is eager to complete the deal as early as possible to plan for next season and, subject to shareholders agreeing to it, the takeover could be completed within a few weeks,” the Chairman added.


Following the Club Board meeting, the Club Chairman presented the proposal to the Trust Board who also unanimously agreed to recommend its acceptance to Trust members.

Details of the proposal and ballot papers will be mailed to members within the next few days

Glenn Rolley
Trust Chairman

Hopefully the following will now happen:
- to strengthen the bonds between the Club and the community which it serves and to represent the interests of the community in the running of the Club;
- to benefit present and future members of the community served by the Club by promoting encouraging and furthering the game of football as a recreational facility, sporting activity and focus for community involvement;
- to encourage the Club to take proper account of the interests of its supporters and of the community it serves in its decisions;
- to encourage and promote the principle of supporter representation on the board of any company owning or controlling the Club and ultimately to be the vehicle for democratic elections to the board.

Don't bother sending me a ballot paper - I vote accept!!!

cant we get this deal done faster?

What would be the next step in terms of shareholder agreement? I assume there would be a ballot, but under Trust rules would a simple majority be needed or higher?

Glenn,
Please can you confirm whether the Football League have given their prior approval to the prospective new owners, in satisfying their rules for ownership?

Jurgenpie....I find your post remarkable ,simple and over optimistic....We are being taken over by specialists,who pick up wrecks cheaply ,give them a clean up and a new coat of paint ....sell them...and maximise their profit...........Oh I agree with you and what you hope for....but we will have to wait and see.

quote:

Originally posted by jurgenpie:
Hopefully the following will now happen:
- to strengthen the bonds between the Club and the community which it serves and to represent the interests of the community in the running of the Club;
- to benefit present and future members of the community served by the Club by promoting encouraging and furthering the game of football as a recreational facility, sporting activity and focus for community involvement;
- to encourage the Club to take proper account of the interests of its supporters and of the community it serves in its decisions;
- to encourage and promote the principle of supporter representation on the board of any company owning or controlling the Club and ultimately to be the vehicle for democratic elections to the board.

Whilst I have an initial feeling of excitement and happiness that we might be about to see a step-change in the fortunes of Notts, I have a nagging concern that we are again not being given a full picture of what is happening. The "Middle Eastern consortium" is, perhaps inevitably, a very vague and opague description for the prospective new owners and their apparent insistence on a full take over would appear to include the removal of the Trust as a moderating influence on any owner. Therefore what, if anything, will be forthcoming from the Trust and club boards to allay concerns about the long term future of the club? Should we all just revel in the short term attention and impetous that we should work to hear some detail before any decision is made? Can the Trust veto any agreement?

Given the recent upheavals within the Trust, will the leadership feel that it should listen and explain, or will the result of the SGM be interpreted as a vote of confidence that allows carte blanche in all dealings?

My quote was the original Trust objectives, so was being a bit sarcastic as feel badly let down by them over the past few months.

About the Trust

quote:

Following the Club Board meeting, the Club Chairman presented the proposal to the Trust Board who also unanimously agreed to recommend its acceptance to Trust members.

After the actions of the Trust Board in recent months, any recommendation of acceptance from them makes me feel like a turkey being asked to vote for Christmas.