Norman Smurthwaite is ready to save crisis-hit Notts County - but will only buy the club if it goes into administration.
The former Port Vale owner is prepared to come to the Magpies’ aid after they were given another extension by the High Court to settle a tax debt to HMRC.
But it is understood Smurthwaite is not prepared to pay a penny to current owner Alan Hardy.
However, he would be willing to buy the club out of administration which is still a possibility if a takeover by a Danish consortium does not materialise.
Smurthwaite recently sold Port Vale to local IT company Synetics Solutions which is owned by Carol and Kevin Shanahan, but is said to be keen on acquiring Notts.
It is believed that Smurthwaite is not interested in land development, but just the football club.
The news comes at the end of a troubled week for Notts who were back before a judge on Wednesday during which he gave them a three-week extension to complete a sale to a Danish consortium.
It was the third time the winding-up order over a tax bill of at least £250,000 had been adjoured.
Brothers Alexander and Christoffer Reedtz are hoping to seal a deal for the club having both been shown around Meadow Lane last month.
They are the only bidders in the running after a South African pulled out and the club ceased talks with a British consortium.
