Executive chairman Peter Trembling insists the search for investment to save Notts County will continue after a proposed takeover deal collapsed on Tuesday. The Coca-Cola League Two club need new investment to pay off their debts having been served with a winding-up petition from HM Revenue and Customs over an unpaid six-figure tax bill.

Talks were held with a consortium of local businessmen headed by Sukhi Ghuman, founder of Nottinghamshire company Octavian Security, but a deal could not be struck.

"We did meet with them, but we have not been able to agree on a deal," said Trembling.

"They are well-established business people and it will be my pleasure to work with them at some time in the future. In the meantime we are carrying on in our search for investment and I would like to thank them for their interest."

Trembling added that despite reports to the contrary, the club did not receive a written offer from the consortium proposing multi-million pound investment.

In a statement on the club's official website, Trembling added: "Whilst I appreciate that the consortium mentioned in the media today do have access to funds at no time did we receive a written commitment, proposal or offer to inject an amount of money into this football club.

"We received a proposed contract offer from this consortium and discussed it in detail with two sets of lawyers.

"The advice from both was not to sign the contract as in their considered opinion it was not in the best interests of the football club and more to the point there was no mention of any specific investment into the club.

"I refute any allegation that we would have turned down a multi-million pound deal. We are working tirelessly to seek investment into the club and will not reject a deal such as the one mooted so long as it is committed in writing."