The Takeover as it happens

By The NCM Team
Last updated : 30 May 2003
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Time    Source             Breaking News
10:30     NCM                 The creditors meeting has started.
10:54     Hearsay             The clause in the lease guaranteeing football at Meadow Lane has been dropped.

11:00     Radio Notts      Around 40 have turned out at the meeting.

11:16     NCM                The creditors meeting has  finished.

11: 27   Radio Notts       The future of Notts County is secure for the time being. The Creditors this morning have voted unanimously to accept the Administrators proposal's to sell the club and so Notts County will continue to exist. The club will be playing in Division Two next season. The threat of liquidation has now gone away. The question now is: Who will the club be sold to? The Adminsitrator has appealed for sealed bids from the interested parties, to be with him by 5:00pm today (Friday), Finnity is expecting three sealed bids from Frank Strang and Raj Bhatia, Albert Scardino backed by Quinatins and thirdly from the low profiled Vantis Sports Solutions, which Lawrence Goodman and Ken Anderson leading.

11: 40  Radio Notts          Finnity says "it could've been one hand not raised and Notts County would've not existed, but all hands were raised and we have now the valid company volountary arrangement, to try and take the club forward" he told Radio Nottingham's C. Fray. The preffered creditrs, The inland revenue and the VAT have been promised 11 pence in the pound, if none of the the sealed bids meet that offer than the whole process will start over again.

12:07   NCM                  Shareholders meeting to start at 12:30.

12:27   NEP                   Former Chairman Derek Pavis admits he is set to lose around £1.5 Million to secure the future of Notts County. Pavis was not able to attend the creditors meeting but his solicitor was represnting him and was voting in favour of the sale of the club, who spoke to the Evening Post yesterday saying "Derek realises these things sometimes happen in buisness. But he wants to see the club survive and to be watching football at Meadow Lane next season."

12:30   NCM                Shareholders meeting has now started.

1:02     NCM                The shareholders meeting will not have any impact on this morning creditor's vote. 

1:07    Radio Notts       Ian Richardson has told BBC Radio Nottingham that he is delighted that the creditors accepted the bid, "It's been a long year, I speak on behalf of the players and we'll be delighted when something has finally been sorted out and we can progress from here.  Alot of players are owed money, there has been alot of disappointed people, there has been players that have gone away this summer and have got married, and need the money."  Richardson added that they will all be pleased that there is light at the end of the tunnel.

2:41      Trust             Notts County Supporters Trust releases a statement regarding takeover of the club. Trust Vice Chair Cheryl Thompson said "We are obviously delighted that the first stage has been completed, however the next critical moment is this afternoon at 5pm when the sealed bids will be revealed. Hopefully at that
stage there will be a bid meeting the requirements of the CVA and crucially
the other parties involved. This been a real roller-coaster ride for fans but it looks like there is now light at the end of the tunnel. What we all need now is a successful
completion and for the Trust to be able to work constructively with the new
owners in the best interests of the football club and it’s supporters."

4:00      NCM             An hour and a half remains until the close of buisness for the day, which is also the deadline for all bids for the club being put to administrator Paul Finnity.

5:52     Radio Notts   Albert Scardino is the front runner to take over the club.

6:01     Radio Notts   Paul Finnity, the Administrator, can confirm that he has received three bidders to attempt to buy and takeover Notts County Football Club

6:41    Radio Notts    All of the three bids put forward, are said to be "workable" by the Administrator Paul Finnity.  Albert Scardino, Vantis Sport Solutions and Frank Strang & Raj Bhatia, as predicted are the three that put in these bids. 

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