The crisis engulfing Notts County has taken a devastating turn as it emerged no takeover deal will be completed at Meadow Lane today.
Despite claims from chairman Alan Hardy the club would be handed over to new Danish owners on Wednesday, Nottinghamshire Live understands no sale is due to be finalised.
In what has been a dramatic 24 hours, it has also emerged a consortium including Colin Dodd and convicted fraudster Alex May are still interested in buying the National League side, in a land-based acquisition deal.
That is despite knowing the City Council will refuse to deal with them, after May was revealed to be formerly known as Alick Kapikanya, who was jailed for six years for an elaborate mortgage scam in 2014.
Nottinghamshire Live understands one of the challenges facing the Dodd consortium is they are still seeking external investment to help fund their proposed purchase.
And in order for any takeover deal to be completed, it is believed Hardy has asked a number of private individuals to write off loans they have in the club.
It is understood the Magpies’ owner was at Meadow Lane on Wednesday morning to advise of the latest developments, with staff also informed they are unlikely to be paid for the second consecutive month.
Employees were said to be outraged as a result given Hardy had told Nottinghamshire Live and the BBC a takeover deal would be completed.
It also has ramifications for boss Neal Ardley, who is still operating under a transfer embargo despite the season starting in less than two weeks’ time.
A number of trialists could now depart, leaving the club facing another crisis on the pitch with Notts in desperate need of new signings ahead of the big kick-off.
The club now faces a race against time to seal a deal ahead of their return to the High Court next Wednesday, with the threat of liquidation a very serious possibility.
That is unless the club is put into administration before the court date, although it is believed Hardy will not take that step himself, having told the Business Desk last week it was a “very last” resort.
Notts must find at least £250,000 to settle a debt to the taxman or they could be wound-up by a High Court judge, who has already given them three extensions in order to complete a takeover.
Despite the crisis, the Football Association and the National League still refuse to comment.
