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Wed 15 Jul 2009 07:58 AM

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Mideast finance group buys Notts County

Munto Finance is reported to have taken over the world's oldest football club.

Mideast finance group buys Notts County
TAKE OVER: Notts County, who play in black and white, have been taken over by Munto Finance. (Getty Images)

The world's oldest football club Notts County has been taken over by a Middle East based financial group, the club said in a statement on Tuesday.

Shareholders including fans representatives at the English League 2 club agreed to the move which is accompanied by promises of investment in players and facilities.

The Telegraph newspaper reported the take over be by Munto Finance.

New chief executive Peter Trembling said it was a momentous day for all those involved at the club based at Nottingham's Meadow Lane stadium.

The new owners promised the club founded in 1862 will benefit from a cash injection to find "players with proven ability and leadership qualities" to help gain promotion to the Championship (English 2nd division) as well as investment in the stadium which would become "a year-round family venue including a top-class restaurant," a statement on the club website said.

Meanwhile Bournemouth, also in League 2, have been given more time to pay outstanding tax by UK revenue inspectors, following the financial collapse of the club and subsequent take-over by a local businessman.

The new owner Adam Murry has been given a three-month extension, tax inspectors confirmed.

The Cherries will be hoping the transfer embargo placed on them by the Football League will now be lifted as boss Eddie Howe looks to shape his squad ahead of the new season.

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