Soccer-Notts County latest English target for Middle East money

By Mike Collett

LONDON, June 4 (Reuters) - Notts County, the world's oldest football league club, said on Thursday that a Middle East consortium was taking them over in a multi-million pound deal.

Notts, formed in 1862 but languishing in the lower reaches of the English League for many years, said on its website (www.nottscountyfc.co.uk) that Munto Finance Limited, owned by several Middle-East based businessmen, had agreed to buy the club once the usual financial diligence checks had been made.

Describing the deal as one worth "multi-millions" the club said in the statement: "The group wants complete control of the Magpies and has ambitious plans to restore the fortunes of the world's oldest football league club."

The club, who finished the recently ended season 19th in League Two (division four), would become the fourth in England to be taken over by Middle Eastern interests following Premier League Manchester City, and Portsmouth, where due diligence tests are starting before they are acquired by new Arab owners. Egyptian Mohamed Al Fayed has also owned Premier League Fulham for 12 years.

TAKEOVER PROCESS

The club's chairman John Armstrong-Holmes said in a statement that two of the Munto group were appointed to Notts County's board on Tuesday to assist in the takeover process.

He also told Sky Sports News the money involved was "substantial" and that the funds were in place for the takeover.