The former Notts County chairman has spoken of his dismay at Munto Finances decision to put the club up for sale.
The investment vehicle arrived in July will promises of Premiership football and the worlds top stars, but it was announced yesterday that the club was now to be sold. Initial rumours linked Sven Goran Erikkson and Peter Trembling with a £3m offer, but these rumours now seem wide of the mark.
However the former chairman feels as if he has been duped by Munto.
John Armstrong-Holmes told The Guardian newspaper: "I was told that Munto's backers, Qadbak Investments, were owned by hugely wealthy investors who would take Notts County to another level financially. Far from believing that the club is now on its way to climbing up the leagues and the bright future Qadbak promised, I am now dreadfully worried about what the future holds.”
The Notts County Supporters Trust donated their shares to Munto in order for them to complete the takeover, and it now appears they have been given away for nothing.
"I now feel as if I have been hoodwinked by Qadbak into agreeing to hand over the shares, because clearly the money has not been made available. And I bitterly regret, in hindsight, recommending the trust write off its loan, to which so many good, loyal Notts County supporters donated money."
There is now a big fear for the future around Meadow Lane as the club brought in several high earners such as Kasper Schmichael and Lee Hughes. The fear is without the wealthy backer the club won’t be able to afford the wages it has committed to, and therefore could find themselves in a worse plight than Darlington.
News of the propsoed sale isn't flowing freely from Meadow Lane, with both the official site and the usually vibrant Notts County Mad site both strangely silent on the issue.