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From Notts County Supporters Trust
Notts County Supporters' Trust has today announced the completion of the final legal stages of gaining a majority shareholding in Notts County Football Club. This follows the acquisition of the shares of Haydn Green, and makes the Trust - and ultimately Notts County supporters - the proud owners of 60% of the shares within the Club.
'This is an historic and proud moment for Magpies' supporters who, less than three years ago, were fearful of having a Club to support at all,' comments Trust Chair Keri Usherwood.
He continues: 'That the Club have come so far in such a short time is testament to the determination and passion of this very special set of supporters. They have willingly contributed their time, effort and money to ensure that Notts County did not die and continues with its loyal fans at its very heart.
'The acquisition brings with it many new challenges. We need face this with the same determination, fight and ambition supporters have shown over the last few years,' Keri adds.
The majority shareholding allows the Trust and its members to provide strategic influence over the affairs of the Club as well as protecting the Club from the excesses of the past and pursuing transparency in the way the Club is run.
On a day-to-day basis, the Club's Board of Directors, which includes elected Trust Supporter-Director Eric Kerry, will run the Club, led by Chairman Jeff Moore.
As majority shareholders, the Trust will be working with the Club Directors to continue the work to rebuild the Club following the disastrous period in Administration. Central to this aim will be the creation of an ambitious, thriving, united and successful Club, but importantly, also a sustainable Club which lives within its means.
'What's vital to this aim is to maximise our income streams 'off the pitch', for example, through such areas as commercial activities and continued growth in the use of the Club's impressive range of facilities', comments Keri. The Trust is also keen to explore investment opportunities for the Club and they will be working with the Club Board to look at potential sources of income including those than may arise from the enviable position of having a Club in Trust ownership.
Other strategic priorities will be working with the local community to build on the bedrock of the Club's fan base and strong and effective communication with supporters.
================== Previously ===============
Supporters Trust in £50,000 Cash Boost For Notts County F.C.
19-Jun-2005
Press release from Notts County Supporters Trust:
Notts County Supporters Trust has today announced they are providing a further £50,000 for Notts County Football Club. This money will help ensure that enough finances are available to the Club to make it through to the start of the new season.
The money will be in the form of an interest-free loan to the Club on behalf of Supporters Trust members. Importantly, this loan assists the Club but also protects the interests of fans who, through the Trust, are investors in the Club. This brings the Trust's total investment in the Magpies since being formed in April 2003 to £300,000.
The move comes on the back of a £300,000 loss by the Club over the last season which is in line with expectations. However, with no money coming into the Club from football match income over the close season, the Trust's cash boost is required to help balance the books over this period and to help ensure the financial viability of the Club until the start of the new season in August.
Chair of Notts County Supporters Trust, Keri Usherwood applauded fans' fund-raising endeavours and encouraged supporters to join or renew their membership:
'Eighteen months ago the Trust raised £250,000 to help save our Football Club. Thanks to members' donations and continued fund-raising, we are now handing over a further £50,000 - money that will further the progress being made towards building solid financial foundations' said Keri.
He continued:
'Following the take-over of the Club, we have always said things would be difficult financially for a couple of seasons or so. The Club's losses have been pretty much in line with expectations and there was money provided through the take-over to set against the expected shortfalls. That money has now been used up and, although things are slowly falling into place, we're not quite out of the woods yet'.
'With no match day money coming in over the summer but with wages and bills still to be paid, there is a strong possibility that the Club will run out of money before the start of the new season.
We simply can't allow that to happen - we've all worked too hard to keep our Club in existence - so this loan is vital to protect the interests of supporters who through the Trust are also investors in the Club and to help ensure that the rebuilding efforts at the Club are not put in jeopardy'.
'Notts County is a football club owned by supporters and these supporters hold the key to the Club's future. Through the Trust, we have a vital mechanism to both protect our Club and to support the rebuilding process following the disaster of the 18 months in administration.
To do this, it's crucial we keep the membership of the Trust strong and thriving and continue to raise funds in a systematic and structured way. In this way, we will have the ability to continue to provide support to our Club should the need arise on behalf of fans'.
'The Trust currently has 1,400 members - we need as many as possible to renew as well as attracting new members - so that we can continue to play a key role, and to ensure that supporters have an influence on how our Club is run.'
Supporter-Director and Club Chairman Steve Thompson commented:
'We have made no secret of the fact that financially the next season or so will continue to be tight and so the Trust's £50,000 investment is extremely welcome, and further cements the important role fans can play in helping Notts County move forward'.
Across England, Scotland and Wales, supporters' trusts have brought over £10 million of investment into the game since Supporters Direct was founded in 2000.
Editor's Notes:
Notts County Supporters Trust is a not-for-profit fans' organisation, committed to strengthening the voice for supporters in the decision-making processes at NCFC, and developing the links between the club and the community it serves.
============== Previously ================
Saved From Extinction
03-Dec-2003
from the BBC:
Notts County has been saved from extinction after a deal to take over the club was finally agreed on Wednesday. The Blenheim Consortium has bought the Division Two club just a week before the Magpies were facing expulsion from the Football League.
It means County have been able to end their 17-month spell in administration. 'The club's future has been secured after one of the most difficult times in its history,' said a statement by administrators Kroll. Joint administrator Paul Finnity added: 'I can confirm that we have met all the conditions set by the Football League for a successful transfer of Notts County's membership in the Football League to the Blenheim Consortium. Despite being a long journey, I'm delighted that we have finally completed the deal that secures the future of this club.'
Football League chairman Sir Brian Mawhinney said: 'After a precarious 18 months in administration, I am delighted that the Blenheim Consortium has been successful in securing the future of the League's oldest club. I hope the League's deadline helped to focus the attention of all involved. I would like to pay tribute to the Supporters' Trust for their tireless efforts, in particular the raising of £250,000 which has assisted the club in its exit from administration. I would also like to thank the other 71 clubs of the Football League, particularly those in Division Two, for their patience in this matter. It is right that clubs that suffer financial difficulties are given a reasonable opportunity to restructure their affairs. But it is also right that this opportunity is not indefinite, as clubs in administration gain a competitive advantage,' he added.
=============== Previously ===============
'Time running out'
From the BBC (03-Nov-2003):
Notts County administrator Paul Finnity will get a sharp reminder the Football League's patience is running out. Finnity is due to deliver a progress report on the club's financial position. and the progress of the Blenheim consortium's £3m buy-out.
The Magpies have been given until 9 December to emerge from the administration they have been in for a record 17 months.
Finnity is due to meet League officials on Wednesday where they will be keen to know the progress of the porposed takeover. The buy-out was expected to have been completed by the end of October. But the deal has not yet been finalised and a League spokesman said: 'In a very short time we will be approaching the absolute final deadline and Notts County.
'The oldest professional club in the world, could be taking its last breath if they do not come out of administration.
'There have been numerous deadlines which have come and gone but this is the final deadline and time is marching on.
'If they do not come out of administration by December 9, they will be out of the League.'
==================== Previously ===============
08-Sep-2003
Loan looks to save County
Notts County's short-term future looks safe reports the BBC
Notts County look likely to be saved from extinction at a Football League board meeting on Monday after receiving a loan from Nottingham City Council. County had to raise £250,000 before the meeting to prove they could fund a rescue package.
The City Council has agreed to underwrite a loan to the Notts County Supporters' Trust to ensure they meet the amount required, and this is expected to lead to a takeover of the club.
The loan will enable the Blenheim consortium - led by former director Peter Joyce - to complete a £1.4m takeover of the club.
But Supporters' Trust chairman David Hindley has warned that County are a long way from being safe. 'This is not the end. We still need to raise £250,000,' said Hindley. This is not a gift or a present. Nobody is giving us the money. It is a loan which we have to pay back. We still need to raise more than £250,000, that should not be forgotten.
'In fact, our actual target was more like £500,000. We would like to contribute more to the club's future,' he told the Nottingham Evening Post newspaper.
County collected for their cause at the home game against Luton Town on Saturday and a bumper crowd of 7,505 raised over £50,000.
===================== Previously =====================
5.09.03
Notts County is heading towards extinction in five days. There is a very real chance that the match at Meadow Lane against Luton Town this Saturday could be the last ever game for the world's oldest League club.
We have all seen the news about how financial backers of the group put together by former Chairman Derek Pavis have withdrawn their support, leaving the future of the world's oldest League club in serious doubt.
The administrators Kroll must now present a case for the future of the club at the Football League meeting on Monday, September 8th. Failure to do so may signal the end of Notts County's 115-year membership of the League and the end of a vital piece of football history.
As this deadline approaches, representatives of the independent Supporters' Trust continue to work `behind the scenes' to help engineer a solution. Today, members of the Trust have discussed with the administrators Kroll how the future of our football club can be secured, which is where YOU can help.
We are appealing to supporters everywhere to help secure the future of Notts County Football Club. We need everyone to give what they can. However small or large a donation - whether it is a £1, £100 or £1000 or more, together we can make a difference.
The Trust believes that with the goodwill of supporters everywhere we can raise between £250,000-500,000 by Monday - the deadline set by the Football League.
The Trust is not going to let the world's oldest league club go out of business without a fight. The idea that Saturday's match against Luton Town being the last is unthinkable. That would be a tragedy - not only for the people of Nottinghamshire but for our national game.
With all YOUR support we can be a part of saving the World's Oldest League Club. For details on how to send donations see the Notts County Supporters Trust website: www.nottscotrust.org.uk
SAVE NOTTS!
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03 Sep 2003
Notts County net (link below) have reported that with just five days to go before the deadline set by the Football League is reached the financial backers behind the Derek Pavis consortium have pulled out of the deal.
Things were supposed to be moving along well, but it now turns out that a Leicester based company spearheaded by a Mr Bob Wilson as pulled out of the deal giving his reasons as insufficient time to complete the deal fully.
Notts Supporters' Trust whose vice-chairman, Keri Usherwood, told BBC Radio Nottingham that they would value an approach and that the trust is there to do whatever it can to help to secure the future of Notts County.
This news is a major blow for the fans who have already been dreading the approach of the September 8th deadline set by the Football League to have everything in place. What will happen now is anyone's guess.
Yesterday, Paul Finnity came forward to ease the worries of Notts County fans when he told the Nottingham Evening Post:
'I think it is very possible that we will be able to get things done without asking for an extension. We are still working positively towards that. Things are moving forwards towards a positive solution. There have been no major problems with the process. The original backers for the Pavis consortium, if you want to call it that, are still in place. There have been a few minor things to resolve, as there always are with things like this, but nothing too serious. Nobody has pulled out, contrary to what some rumours have suggested.'
Seems to be the norm at County, as soon as you think something is going right, you make a statement only for somebody else to let you down.
If anyone has a prayer mat, then it may be time to get it out and use it.
Members of the Notts County Supporters Trust Interim Board have learnt that a fresh bid had been tabled by Raj Bhatia for £3.05 million.
Just over three weeks ago Mr Bhatia was involved in a takeover bid with businessman Frank Strang and Magnum Power, which collapsed only hours before a crucial meeting with the Football League.
Prior to this latest twist, it was widely believed that the only interested party was a new consortium mobilised by former Chairman Derek Pavis. However, it is now understood that Magnum Power - the company backing Raj Bhatia - were approached by the new consortium but turned them down in favour of Mr Bhatia.
Meanwhile we move ever closer to the September 8th deadline.
================== Previously ==================
The future of the world's oldest League club still hangs by a thread. Notts County have been in administration since June 2002, and have been given three extensions by the Football League to the original ultimatum that if they failed to come out of administration by 27th May they would be expelled. The administrators, Kroll by the end of May had secured a CVA, which essentially enabled them to sell the football club. Days later, Kroll identified Frank Strang - a businessman based in Grantown-on-Spey in the Scottish Highlands, and commercial pilot Raj Bhatia as the 'preferred bidders'.
However, after nine weeks Paul Finnity announced that the pair had not secured the necessary funding to complete the takeover and the deal collapsed.
The Football League has now granted Notts County only until 8th September - when the League next meets - to find a new investor and make 'significant progress' in securing the club's future.
The club's former Chairman, Derek Pavis has helped to 'mobilise' an as yet unidentified consortium believed to made up of East Midlands based businessmen. This group is currently working towards meeting all the requirements set by the Football League and the City Council (which owns the lease to the Meadow Lane ground), as well as securing finance believed to be in the region of £3.4 million to pay off the creditors, Inland Revenue etc.
On the field, the skeleton squad of thirteen players has been strengthened by four new signings who the League permitted the manager Billy Dearden to sign on a month-to-month basis. Despite this the season has started disastrously - with no points and no goals. This however is nothing compared to the off-the-field situation. Unless the new consortium can finalise or be close to finalising the takeover, Notts County has only two weeks left as a Football League club.
For more information, and details on how to join the Notts County Supporters Trust or send a donation, go to the nottscotrust web-site link below.
================== Previously ==================
Notts County's administrators have secured the future of the club by accepting the takeover bid from local businessmen Frank Strang and Raj Bhatia believed to be worth around £3million.
Albert Scardino will now move aside for the new owners after being in control of the club since late 2000.
The preferred bid has been accepted in principle by the game's authorities and the administrators hope to complete the legal formalities within the next seven days.
It was the news that most Notts County fans were hoping for after being told that the pair were the preferred bid a week or so ago.
more details on Nottscounty.net link below
==================== Previously ====================
29.04.03
Notts County FC has been in administration since June 2002. The administrator, Paul Finnity has repeatedly stated that he is confident that suitable investors will be found and that a bid will be forthcoming.
However, to complicate matters the Football League has imposed a May 27th deadline on the club to come out of administration or face expulsion. Time is rapidly running out and the future of the world's oldest football league club hangs in the balance.
In light of this, the Notts County Supporters Trust has recently been formed, and despite only having its official launch on April 4th has at the time of writing over 900 members.
The recent meeting of Football League saw proposals to penalise clubs who fall into administration through a combination of loss of points and, in the worse case scenario, expulsion from the league.
That very threat hangs over the head of Notts County. Failure to come out of administration before the Football League imposed deadline of May 27 will seal their fate. The oldest football league club in the world will be thrown out of the very organisation it was instrumental in setting up.
More information is available on the new trusts website. (link below)
==================== Previously ====================
Nottingham City and County Council have reneged on a six-month commitment to participate in a financial assistance plan for Notts County Football Club, placing the future of the world's oldest league club in doubt. The sudden reversal on a proposed loan guarantee may leave the club with insufficient funds to operate through the summer.
The club own their stadium, but need cash to pay business debts. City officials notified the club Thursday night of their intention to withdraw the offer of a guarantee, citing 'a risk to public money,' though no public money had been requested. The funds would have come directly from a London bank. The club produced a five-year business plan showing how it would operate if the guarantee were provided, and an independent auditor, KPMG, reported that the club's proposal was reasonable and that the risk of default was low. Even in the event of default, the club's £8 million stadium would be available to cover the loan. Without long-term funding, Notts County could face administration or even liquidation as early as next week. Some £10 million in future investment hinged on the city's following through on its commitment.
The 2,100 fans who bought early season tickets to help the club could find their tickets invalid even if a new owner emerged after administration or liquidation.
(From BBC and the official Notts County site at www.nottscountyfc.co.uk)
