The financially embarrassed Club who have been recently hit with the transfer embargo because of mounting debts believed to exceed £1.5m are said to be now owned by former Lincoln City Director and business magnate Ray Trew.
Trew, who owns the CS Solutions Group is understood to have paid just £1 for the world’s oldest professional Club.
The Lincolnshire Echo reports that Trew and County’s Executive Chairman Peter Trembling have been in talks for the past two weeks. County are due to face The High Court next month because of an unpaid tax bill of around £600,000.
Trew failed in a bid to buy Lincoln City back in 2006.