Ciderspace News Page : Notts County Agree Sale To Relieve Financial Pressure
5 April 2019 : Notts County Agree Sale To Relieve Financial Pressure
League Two side Notts County believe they have found a buyer who will help relieve their financial pressures, moving into the summer. Current owner Alan Hardy has been attempting to sell the club, whilst his non-football business Paragon Interiors Group has gone into administration, leading to the question of whether they'd call in a loan Hardy had provided to the Meadow Lane club from his business. To add to the complications, on the last day of February, County themselves were issued with a winding up order by HMRC due to late payment of taxes.

County are due in Court on Wednesday 10th April to answer that charge, but Hardy's current position is that he has agreed an offer to buy the club with an unnamed party. That is now going through a due diligence stage where the buyer will be inspecting the terms of the agreement, at which point the prospective owner's details will be put through the EFL Fit and Proper Person Test process. Hardy has explained the current position:

"I am pleased to confirm I have accepted an offer to purchase Notts County Football Club from a very credible party, who is now undertaking due diligence. As expected, there has been a huge level of interest in the club and I am delighted that we are now at an advanced stage with people who I am confident have Notts County's best interests at heart. They must be given the time and privacy to carry out their checks properly but, as soon as I can reveal more, I will provide a further update."

Hardy has also added that he expects the club's finances to be stabilised by May, and will be making the High Court aware of the Notts County's current financial position:

"I would also like to assure staff and supporters that, in light of recent conjecture, the money for Aprilís wages has already been transferred to the bank for payment. As for the debt owed to HMRC, I am expecting this to be paid in full by early May with the approval of the High Court next Wednesday."

There will also be new ownership at Port Vale around the end of the season. Current owner Norman Smurthwaite had recently threatened to force the Valiants into administration if a buyer was not found by May 5th, with him pledging to withdraw his financial support on the last day of the season. However, it appears that their position is now much clearer, with Staffordshire based Synectics Solutions agreeing to take over the club. Currently in 20th place in the League Two table, and eight points off the relegation spots, the Valiants are almost safe for this season, and they gave a short statement saying they expected their new owners to take over in about five weeks time:

"The Club has entered into a Confidentiality and Exclusivity agreement with Carol and Kevin Shanahan regarding the purchase of the Club and Vale Park in their entirety. Both parties will now work together diligently to progress this process over the next 5 weeks."


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