Notts County, the world’s oldest professional football club, has been saved by a local businessman following years on the brink of collapse.
The club is currently embroiled in court proceedings following a winding-up petition from HM Revenue & Customs over a tax bill.
It is believed to carry debts of more than £500,000.
It is understood that the proposed takeover by Alan Hardy initially hit a brick wall following disputes over the true value of the club.
The club had proposed an asking price of £6 million, which was rejected after the team slipped down the league towards the relegation zone.
Mr Hardy has now agreed to a £4 million buyout to save the struggling League Two club.
Notts County is alleged to owe several rival clubs money from ticket sales and last month had asked the Football League to help pay players’ wages.
“We will be working around the clock to conclude our agreement and make a more formal announcement in the near future,” said Mr Hardy.
Ray Trew, Notts County chairman, said: “I feel that in Alan Hardy the Notts County fans will have found someone who they can get behind and believe in to usher in a new era that I hope will bring success and happiness for all involved.”
