Notts County have come out of administration after 18 months following the Football League board of directors' approval of a takeover by the Blenheim Consortium.
The Second Division club had been in administration since June last year and would have faced expulsion from the League had a deal not been reached by the 9 December deadline. But the consortium, which is headed by Peter Joyce, has finally been given the League's approval.
The Football League chairman, Sir Brian Mawhinney, said: "After a precarious 18 months in administration, I am delighted that the Blenheim Consortium has been successful in securing the future of the League's oldest club. I hope the League's deadline helped to focus the attention of all involved. I would like to pay tribute to the Supporters' Trust for their tireless efforts, in particular the raising of £250,000 which has assisted the club in its exit from administration.
"It is right that clubs that suffer financial difficulties are given a reasonable opportunity to restructure their affairs. But it is also right that this opportunity is not indefinite, as clubs in administration gain a competitive advantage.
"By setting an initial limit of 18 months on club administrations, the League has established a fair balance between the interests of all its member clubs," Mawhinney added.
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