Notts County chairman Alan Hardy expects to exchange contracts with the new owners of the club “in the coming days” after a winding-up order was adjourned once again to grant more time to complete the sale.
The Magpies, who were relegated from the Football League for the first time in their history last season, will be back in the High Court in London on July 31.
At the High Court on Wednesday, Hilary Stonefrost – representing the club – told the court more time was needed to complete the sale after one of two purchasing consortia planning to buy the club withdrew.
Notts County have this morning been given more time to settle their debt to HMRC.— Notts County FC (@Official_NCFC) June 5, 2019
The court was told one investor in the other consortium had also pulled out, but that a Danish group had expressed an interest and had the funds to buy a stake in the club.
Stonefrost said the sale was one step closer to regulatory approval following a letter from the Football Association and the next step would be a decision by the Football League on July 17.
It was also revealed there was an added complication in that the owner of the land on which the stadium is situated had died and therefore the club was dealing with executors.
Wednesday’s announcement was the third adjournment of the winding-up order against the club since April.
Notts County owner Hardy has been engaged in on-going talks to sell the club, who owe HM Revenue and Customs £200,000 in unpaid taxes, and revealed a deal should now be concluded imminently.
“While I hoped and expected a takeover to have been completed before today’s hearing, I am pleased to say I will be exchanging contracts with the new owners of the club in the coming days,” Hardy said on the club website.
“I would like to thank all our supporters for their continued patience. I will provide a further update in due course.”
A club statement read: “Notts County have this morning been granted a further extension by the High Court in order to settle their debt to HMRC.
“The Magpies’ case has been adjourned until 31 July after lawyers were able to demonstrate that a takeover of the club will soon be finalised.”
Hardy saved the Magpies from possible extinction in January 2017 when he bought out predecessor Ray Trew, but put the club up for sale in January this year.
Hardy’s company Paragon Interiors went into administration, but he confirmed in April that he hoped prospective new owners would be able to take Notts County forward after completing due diligence.
