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Paul Finnity, of High Court-appointed joint administrators Kroll Buchler Phillips, said: "Unfortunately, following the failure in its attempt to renegotiate its debt Notts County have been placed in administration in order to provide it with protection whilst it seeks to resolve its financial difficulties."
Finnity added: "Unlike other football clubs which have too high a cost base compared to turnover, this is not the case for Notts County.
"Indeed, the wage bill has already been reduced quite significantly and we are confident Notts County can be saved without recourse to player redundancies.
"Notts County holds a special place in football's history as the world's oldest football league club and it is also a good club.
"It undertakes a broad range of community programmes, including both its Football in the Community programme which serves 25,000 students and its educational scheme for permanently excluded school children.
"Our intention is that all of Notts County's community schemes will continue to run without interruption.
"In recent years the club has benefited from a modern stadium which has provided it with a growing conference and banqueting business and the current board have been very active in reigning in costs at the club.
"We are hopeful we can secure the future of the club in time for the start of the new season, ensuring players and supporters alike are able to look forward to a more positive future."