The deal was thought to have been completed late, late last night as a number of representatives and lawyers secured the club’s December 9th deadline – otherwise, the Magpies would have been forced to face expulsion from the League.
The completion of the deal has finally brought an end to one of the most testing 18 months in the club’s history after being entered into administration in June 2002.
Following the takeover’s successful completion, it was confirmed that the new board of directors at the club will consist of Peter Joyce, Roy Parker and Andy Rigby – along with the first ever supporter representative on the board, David Hindley.
County's joint administrator, Paul Finnity, told the club's official website: ‘I am so pleased that I can confirm that we have met all the conditions set by the Football League for a successful transfer of
‘This has been an unbelievably protracted process, but it is important to understand that, unlike many football club insolvencies, the challenge was far more complex than just restructuring the cost base of the club.’
‘Key to securing the deal has been the ability to secure a new lease on the stadium.’
‘Despite being a long journey, I'm delighted that we have finally completed the deal that secures the future of this club.’
As mentioned by Finnity, a key factor in securing the deal was in the negotiations of a new lease of the club’s
Talks have, apparently, already began to appoint a ‘high profile’ club chairman and chief executive as we begin the next chapter in the club’s remarkable history.
NCM will bring will bring you more news as and when we receive it.