Sven Goran Eriksson’s unlikely reign at Notts County is over. Notts County were sold for $1.50 yesterday to former Lincoln City chairman Ray Trew and the club will be run on more frugal lines with Eriksson leaving as director of football. Eriksson joined last summer on a £1.15 million a year deal, with a brief to “take Notts County into the Premier League in five years”.
But the backers, the mysterious Munto Finance, quickly got out, leaving Notts County in dire straights with former chief executive Peter Trebling buying the club and taking over the debts, but failing to find a new big investor. Trembling has now sold 90 per cent of his shares and left the club with immediate effect. Eriksson will follow after Notts County’s FA Cup tie at Fulham on Sunday.
County have debts of over £1.5 million and face a winding up order over £393,000 in unpaid tax. Trew said: “We are here to make sure that in the short term the situation is resolved to provide a platform for the club to move forwards in the long term.” Eriksson had been helping Trembling to try and find the £30-£55 million investment needed to continue the dream.
But with County now likely to revert back to being a poorly supported, lower League club, he will leave. Trembling said: ” We have been on a relentless search over the last couple of months for parties intent and able to invest £30-£55 million. It has proved impossible to secure
” The new owners are not of the £30 million plus but they do know the football business and have sufficient funds to ensure the immediate survival of this football club.” Eriksson who last year pulled out of the running to coach the Swedish national team, has agreed to take up the honorary title of joint life president of the League two side.