Notts County could go into administration in next 48 hours - Exclusive
Published 23:00 17/02/10 By James Nursey
Notts County's new owner may put the club into administration in the next 48 hours after unearthing financial chaos at Meadow Lane.
Former Lincoln chairman Ray Trew bought the League Two Magpies for a nominal £1 last week as Sven Goran Eriksson left.
Trew stepped in to save the club going bust over a winding up order for an unpaid £300,000 tax bill.
But Trew’s financial experts have been so appalled by the state of the books, administration may now be the only option.
The club’s debts stand at £4million but are rapidly rising as Trew’s audit discovers the extent of Munto Finance’s disastrous short-lived reign.
A criminal investigation is likely to begin soon.
And Magpies’ new executive chairman Jim Rodwell said: “It’s not what we know that worries us, it’s what we don’t know.
“The accounts are in such a state it’s difficult for anybody to be able to put a finger on the level of debt.
“Our accountants are going through the process at the moment.”
As well as their existing debts, County are now struggling to cope with a crippling wage bill.
Keeper Kasper Schmeichel, 23, earns £18,000-a-week after arriving from Premier League Man City last summer.
The club are so desperate to sell Schmeichel they have even been touting him to Russian clubs, whose transfer window is still open.
County’s new hierarchy also want to move top scorer Lee Hughes, who earns £4,500-a-week, onto Scottish club Hearts.
While even striker Karl Hawley, 28, earns £3,000-a-week plus an extra £1,000 per appearance and per goal.
Should County, managed by Dave Kevan, go into administration they would be deducted 10 points - effectively ending their promotion hopes.
