Notts County are set to be bought out by a Middle Eastern consortium.

Magpies chairman John Armstrong-Holmes has confirmed Munto Finance Ltd is on the verge of a multi-million pound deal to assume control of the world's oldest professional club.

The consortium is headed by former Everton commercial director Peter Trembling and Middle East-based Peter Willett, client representative of the Al Thani Investment Group.

Following an emergency board meeting on Tuesday evening, Armstrong-Holmes revealed steps have already been taken to ensure a smooth takeover process.

"At a specially convened club board meeting held on Tuesday evening, the club board discussed the proposal from Munto which was accompanied by proof of funds and unanimously agreed to recommend its acceptance to all shareholders," Armstrong-Holmes told the club's official website.

"Two of the Munto group, Peter Trembling and Peter Willett, were appointed to the club board with immediate effect to assist in the process.

"Munto is eager to complete the deal as early as possible to plan for next season and, subject to shareholders agreeing to it, the takeover could be completed within a few weeks."