Notts County owners pass fit and proper persons test
Notts County's owners have passed the fit and proper persons test.
The League Two club were taken over by Swiss-based Middle East consortium Munto Finance in the summer but the identities of the investors remained a mystery.
For several weeks County have been providing the Football League with information regarding who is bankrolling a club, who have been able to attract the likes of Sven-Goran Eriksson and Sol Campbell to the lowest tier of the league.
The Football League deferred their decision on whether to rubber-stamp the takeover at a meeting in London earlier this month but, having been furnished with further details about the new owners, it has now been ratified.
A statement from the Football League read: "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."