The Football League has given the all-clear to Notts County's takeover after lengthy discussions.
The FL will not reveal the ownership of the club, leaving that up to the Magpies themselves. A statement reads:
The Football League has confirmed that Notts County Football Club has complied with its regulations on Fit and Proper Persons. This decision is based on the extensive disclosure provided by the club with regard to its ownership structure.
This structure is complicated, and features both offshore entities and discretionary trusts. Together with the initial hesitation of the club's ultimate owners to identify themselves, this made for a lengthy and at times difficult process.
However, following greater co-operation from the club more recently, The League is now in a position to confirm that it is in possession of the appropriate details for those individuals that exercise control over the club. The League has also noted the club's announcement on Monday, October 12 that its consultancy arrangement with Russell King has been terminated.
It is a matter for the club to determine what ownership information it makes public.
This is the first case determined by the League following the recent announcement that it would require disclosure of ownership of clubs that wish to play in its League.
Meanwhile Accrington are to sell off a 10% stake in the club to supporters in a bid to raise money. The 1,000 share sale at £250+vat each values the club at over £2.8million.