A board meeting was held today (Tuesday) and a press release is expected at lunchtime on Wednesday.
Scardino and Storrie have failed to deliver two final installments of 1 million pounds to complete the deal within the timescales set when the takeover bid was agreed.
On Saturday it was revealed that a loan that the incoming chairman from General Motors was not just delayed but may not even have been approved.
Rumours are going around the Lane of a new backer who may step in and take over the club.
We can only hope that the new backer, if he or she exists, has the best interests of the club at heart.
A previous bid engineered by the bankrupt and convicted criminal Reg Brealey was fought off by a group of fans calling themselves the Supporters of Notts Action Group (SNAG).
Brealey has been associated with a number of clubs that have sold off their best players and almost gone out of business as a result. These include Doncaster, Chester City and Grantham.
Notts County Mad will report any further news as it comes in.