Notts County FC Targeted By Middle East Investors
The world’s oldest football club, Notts County, have become the latest takeover target for a Middle-Eastern consortium, the club revealed on their website yesterday.
A statement issued by the club reported that Munto Finance Limited, a company owned by several Middle-East based businessmen, had agreed to buy the club pending the completion of the usual financial diligence checks.
The deal, which has been described by the club as being worth “multi-millions”, will see Notts County become the third English team to be taken over by Middle-Eastern interests following Premier League sides Manchester City and Portsmouth, while Fulham have also been owned by Egyptian entrepreneur Mohamed Al Fayed for 12 years.
The club went on to say in their statement that “the group wants complete control of the Magpies and has ambitious plans to restore the fortunes of the world’s oldest football club”.
When asked why the overseas businessmen would want to invest in a club who are currently languishing in the fourth tier of English football, Nott’s County chairman John Armstrong-Holmes explained that the huge debts attached to Premier League sides made them a less viable option for investors.
“Liverpool were £300 million in debt and they want another £300 million for a new stadium,” said Armstrong-Holmes. “When you look at Notts County as a proposition, what a success story it could be. You can take the world's oldest football league club and progress it through the leagues gradually with a common sense approach, rather than throw all that money into a banker's pot.”