2009–10 Notts County F.C. season

During the 2009–10 English football season, Notts County competed in Football League Two, the fourth tier of the English football league system. Shortly before the season began, the club were subject to a high-profile takeover by Munto Finance, purportedly a wealthy Middle East-based consortium with ambitions to take the club to the Premier League. Former England manager Sven-Göran Eriksson was appointed director of football, and lavish spending began in apparent early efforts to achieve these ambitions. In reality, Munto Finance was controlled by the convicted fraudster Russell King, and the club had been acquired as part of an elaborate scheme to list a fake mining company on the stock exchange. The promised money failed to materialise, King fled when the scheme collapsed and Notts County were left with significant debts. Eriksson resigned following a further takeover by Ray Trew, who prevented bankruptcy and oversaw a successful conclusion to the season, with the team winning the League Two championship and promotion to Football League One. The team also fared well in the FA Cup, reaching the fifth round of the competition.

The season saw four different owners, three permanent first-team managers and two spells of interim management. In total, the team played 54 competitive matches, winning 31, drawing 14 and losing nine. Lee Hughes scored 33 goals across all competitions, becoming the first Notts County player to score 30 goals in a season since Tommy Lawton sixty years earlier, while Ben Davies made the most appearances, featuring in 51 games. Munto Finance's takeover and the wider scheme it formed a part of were investigated by journalists from the beginning. It was the subject of a 2011 episode of the BBC One show Panorama and a BBC Sounds podcast series in 2022. Notts County continued to experience off-field problems over the following years, and the team were relegated to non-League football in 2019; coverage of the club's plight and subsequent attempts to recover often referenced the events of 2009.

Notts County
In the 2009–10 season, Notts County (nicknamed the Magpies) competed in League Two, the fourth tier of the English football league system, their sixth successive year at this level. The club's time in the fourth tier had been preceded by a serious financial crisis. Between 2002 and 2003, Notts County had spent a then-record 534 days in administration. Bankruptcy was prevented in a takeover largely financed by supporter Haydn Green; as part of the deal, the Notts County Supporters' Trust also gained representation on the board of directors. In 2007, four months prior to his death, Green sold his stake in the club to the Trust, making the latter the majority shareholder. The Trust were not required to pay Green upfront. Instead, the Trust would only pay Green (and, after his death, his estate) if they sold their shares in the future.

The years after exiting administration saw the team consistently struggle. They were relegated from Division Two (now EFL League One) in 2004, and were in danger of relegation to non-League football before their final game of the 2005–06 season. In 2007–08, League Two safety was assured only in late April, while the following season the team finished 19th. The sustained poor on-field performance meant that, by 2009, "patience with the Trust was running out". In April 2009, John Armstrong-Holmes (the club's chairman) and Eric Kerry, the Trust's representatives on the club's board, had survived an attempt to have them removed, with Armstrong-Holmes arguing that his and Kerry's removal would mean "potential investment may be jeopardised".

Russell King and associates
The Munto Finance takeover of Notts County was orchestrated by Russell King, who had first been convicted of fraud in 1991 after falsely reporting his Aston Martin had been stolen in order to claim £600,000 in insurance. Prior to his involvement in Notts County, King had laundered £671,000 from Belgravia Financial Services Group, and had acquired a 49% stake in the investment bank First London by falsely claiming he was managing billions of dollars for the Bahraini royal family. The others involved were Nathan Willett and his father Peter, of whom very little is known; in 2022, the producers of a BBC podcast series about the takeover were unable to locate even a forwarding address for the pair. Once the takeover was completed, Peter Trembling acted as executive chairman of Notts County, and came to be considered Munto Finance's "mouthpiece". Following the takeover's collapse, Trembling maintained that he had been deceived, and that he had lost much of his own money as a result of the affair.

Takeover
With Notts County preparing for the 2009–10 season, it was approached by Trembling, who indicated that Munto Finance was interested in buying the Magpies, and a meeting was arranged in Bahrain between representatives of the club and the consortium. By the later account of Armstrong-Holmes, his discussions were largely with the Willetts and, although in attendance, King played no direct part in the talks until Armstrong-Holmes demanded a bank guarantee as a condition of a sale, which King promptly produced. Unbeknownst to Notts County's representatives, the guarantee, which appeared to be from First London, was worthless. It had not been approved by the bank's board and came from a part of the bank that no longer existed. A deal was agreed, with the takeover announced in July 2009. Trembling was appointed as chief executive, and Munto Finance announced its ambition to see Notts County promoted to the Championship within five years.

As part of the takeover, Armstrong-Holmes argued that the Trust should "gift" their shares in the club to Munto Finance. As this would not be a sale of shares, no money would need to be paid to the estate of Haydn Green. Some supporters protested, questioning whether paying Green's estate would not be the "honourable thing" to do, but Armstrong-Holmes urged Trust members to back the deal, saying that "Haydn Green's position in the club's history is acknowledged and will be honoured by Munto". Trust members voted overwhelmingly in favour of the transfer of the shares, and Munto Finance consequently acquired the club for free. The identity of those who would be financing the club was shrouded in secrecy, but The Guardian reporter and Notts County supporter Simon Goodley was quickly tipped off about the involvement of King, and journalists began to investigate the circumstances of the takeover.

Player transfers, arrival of Sven-Göran Eriksson
Notts County had already begun signing players for the 2009–10 season prior to the takeover, with these players either being from League Two or non-League clubs or joining on loan. Midfielders Neal Bishop, Ben Davies and Ricky Ravenhill joined from Barnet, Shrewsbury Town and Darlington respectively,  while Kettering Town striker Craig Westcarr had joined on a one-year deal. Also signing pre-takeover were defenders Graeme Lee, who joined the club for an undisclosed fee from Bradford City,  and Brendan Maloney, who joined on a six-month loan from Nottingham Forest. In the week after Munto Finance took control of the club, the Magpies announced the signing of two strikers, Lee Hughes and Luke Rodgers, on free transfers from Oldham Athletic and Yeovil Town.

On 22 July, Notts announced the appointment of former England manager Sven-Göran Eriksson as director of football in what Stuart James of The Guardian described as "one of the game's most staggering moves of recent times". Despite Munto Finance's initially-stated target of seeing Notts County promoted to the Championship, Eriksson said he wanted to see the club promoted to the Premier League. Eriksson said he was "particularly attracted to this role and the unique opportunity to help build a club over the longer term." With Eriksson's appointment, Notts began to target, or were linked in the press with, much more high-profile players. At one point, reports suggested Brazil international and World Cup winner Roberto Carlos might join the club. On another occasion, David Beckham was asked by a radio journalist about the possibility of working with his old England manager. The club's final pre-season signing was that of striker Karl Hawley from Preston North End for an undisclosed fee.

Friendlies
To prepare for the new season, the Magpies played a series of friendlies. The first match after Eriksson's arrival, the game against Nottingham Forest at Notts County's Meadow Lane, attracted nearly 13,000 spectators, and saw Eriksson "paraded" before the crowd prior to kick off.

Match details
Key


 * In result column, Notts County's score shown first
 * H = Home match
 * A = Away match

Results

August–October
Notts started the season strongly. Hughes scored a hat-trick on the opening day as the Magpies defeated Bradford 5–0 at home with over 9,000 spectators in attendance. The team won 4–0 at Macclesfield Town in its first away game, but then suffered its first defeat, losing 2–1 at Chesterfield. During August, the club used its apparent new-found wealth to strengthen its squad. The signing of goalkeeper Kasper Schmeichel from Manchester City for an undisclosed fee believed to surpass the club record was announced on 14 August. That of Johnnie Jackson from Colchester United (also for an undisclosed fee) followed two days later. Schmeichel made his debut in a 3–0 home win over Dagenham & Redbridge on 22 August. Three days later, Notts announced the signing of England international Sol Campbell on a five-year contract: "there were offers from the Premier League but that would have been short-term. I'm thinking of the future," he told the BBC. Campbell did not play immediately, and Notts were beaten 1–0 at Barnet in their final match of the month.

Early in September, the Magpies strengthened their squad further, bringing in winger Matt Ritchie on loan from Portsmouth until the end of December. The month began with two home games, a 1–1 draw with Burton Albion and a 5–2 win over Northampton Town in which Hughes scored his second hat-trick of the season. The following week, the team travelled to Morecambe. Campbell made his debut, but he could not prevent the Magpies from falling to a 2–1 defeat. It proved to be Campbell's only game for the club, as he left by mutual consent four days later. Years afterward, defender Mike Edwards said that, shortly before leaving, Campbell had warned his teammates of his suspicions that the club's supposed wealth was not real. Although they had lost Campbell, Notts ended the month with two victories, a 3–1 home win over Port Vale and a 3–0 win at Lincoln City in which Rodgers scored a hat-trick.

On 21 September, the Football League confirmed they were investigating the takeover. It had not yet been approved by the league, who were demanding to know the identity of the new owners. The same week, King's involvement in the takeover became public knowledge, though he maintained he had acted as an advisor on only "strategic and media issues" and had relinquished his role after Notts County had appointed a new communications manager. On 27 September, in an effort to satisfy the league as to the identity of the new owners, Notts named two Middle East-based families as among the club's new investors, a move soon undermined when a member of one of the families denied involvement. Matt Scott of The Guardian also questioned whether King had ceased to be involved, noting the latter's continued close connections with the companies and individuals linked with Munto Finance.

October began with two draws, the first 1–1 at Cheltenham Town, the second 2–2 at home to Torquay United, a result which left the team in fifth place, four points from top spot. The day after the latter, McParland was sacked as manager, replaced on an interim basis by Dave Kevan and Michael Johnson. Kevan and Johnson ultimately took charge for two matches, a 0–0 draw at Rotherham United and a 2–0 home win over Crewe Alexandra. In the meantime, on 20 October, the Football League approved the takeover, much to the surprise of Paul Fallon, Notts County's lawyer, who had not expected the club's legal submissions to satisfy the league's fit-and proper-person test. With the takeover now sanctioned, Notts moved to appoint their new manager. Eriksson and Trembling held talks with Roberto Mancini, but ultimately Hans Backe was appointed. Backe took charge of Notts County's final match of October, a 1–1 draw at home to Shrewsbury Town.

November–January
Early November brought new revelations about the club's finances when it was revealed that Notts County's parent company was subject to a winding-up petition due to £400,000 of unpaid debt. This was despite assurances to the Notts County Supporters' Trust, made when the takeover was agreed, that the debts would be settled quickly. The club narrowly avoided a court hearing on the issue on 12 November, two days before the team's first league match of November, a 3–3 draw at Bury. This match saw an unusual first-half incident, when Daniel Nardiello of Bury beat Schmeichel and fired the ball towards an empty net, only to see the ball become stuck in mud before crossing the goal line, allowing Schmeichel enough time to run back and gather. After a 0–0 home draw with Aldershot Town, Notts travelled to Rochdale in their final league match of the month, where they fell to a 2–1 loss.

Shortly after the Rochdale match, it was revealed that the Football League had renewed its investigation into Notts County's ownership. The club's off-field position rapidly deteriorated in late November and early December, with King not seen at the club again after a business meeting in North Korea (which Eriksson had also attended). Rumours began to circulate that staff and creditors had gone unpaid; one often repeated story is of the club being unable to pay even the local milkman. Despite the mounting problems, the Magpies won their first two games of December, 4–0 at home to Darlington and 2–0 at Hereford United. In the days following the latter, it was reported that Trembling was planning a management buyout of the club, that Eriksson was on the verge of resigning, and Armstrong-Holmes admitted he now felt he had been "hoodwinked" into handing the club over to Munto Finance. Trembling completed his takeover on 12 December, promising to look for fresh investment for the club. The same day, Notts were beaten 2–1 at home by Accrington Stanley. This proved to be Backe's final game; he resigned shortly afterwards, with Kevan resuming temporary charge. In their final match of the month, the Magpies won 4–1 at Burton with Hughes scoring a hat-trick.

Notts County's financial problems continued in the new year. Early in January, it became apparent that the club were subject to a new winding-up petition issued by HMRC. The situation was not helped by the unusually cold winter forcing the postponement of matches and denying the club much-needed income. Trembling claimed Notts needed investment of £25million in order to retain Eriksson and sustain the ambition to reach the Premier League. The two men "scoured Europe", as the Press Association put it, searching for the required money, but none had been found the week the club was due in court in connection with the winding-up petition. The day before the hearing, the Magpies played their first league match of the month, a 3–0 win at Dagenham. On 27 January came news that the court had been granted a 28-day extension to the club to settle its debt with HMRC, though the latter requested that this be marked as final; no further extensions would be forthcoming. The team played its final match of the month on 30 January, defeating Barnet 2–0 at home.

February–May
In their first match of February, the Magpies won 1–0 at Grimsby Town. A 2–1 defeat at AFC Bournemouth followed in the next game, before the team played Grimsby again, this time a 1–1 draw at Meadow Lane. On 11 February, news came that Ray Trew had agreed to buy the club. In a statement, Trembling said Trew was "not of the £25m+ ilk", but did have sufficient funds to prevent the Magpies from going bankrupt. As a result of the takeover, Trembling and Eriksson both departed their posts, though Eriksson was given the "non-active" role of joint life president of the club. Though Notts had been saved, Trew warned supporters that the club's position remained precarious and administration could not be ruled out. Notts County's first league match following the takeover was a 1–1 draw at Aldershot, a result which left the Magpies in seventh place, fourteen points from top spot. Three days later, on 23 February, Trew announced that administration would not be necessary, and that he had appointed Steve Cotterill as manager for the remainder of the season. Cotterill took charge for the first time in the final game of February, a 5–0 home win over Hereford in which Westcarr scored a hat-trick and Rodgers a brace.

March began with consecutive wins over Macclesfield, Accrington, and Chesterfield; the last of these saw the Magpies move up to fourth place, three points behind Bournemouth, their next opponents. A Hughes brace gave Notts 1–0 and 2–1 leads, but an injury-time equaliser for the away team earned Bournemouth a 2–2 draw. Despite the concession of a late goal, the result moved the Magpies into the top three. There then followed two away matches, the first a 1–0 win at Crewe, the second a 0–0 draw with Bradford which extended the team's unbeaten run to nine. Now in second place, Notts hosted third place Rotherham in their final match of the month. The game appeared to be heading for a goalless draw entering the final minute, but a 90th minute goal from Rodgers gifted the Magpies a 1–0 win, allowing them to end March in second place, with 68 points from 36 matches, 10 points behind top spot.

April began with a 5–0 home win over Bury, with five different goal scorers for the Magpies. That same afternoon, league leaders Rochdale were beaten 2–0 at Chesterfield; these results meant Notts had reduced the gap between themselves and first place to seven points, having played a game less. Rochdale were held to a draw in their next game, allowing Notts to move within five points with a 1–0 win at Shrewsbury. Rochdale would then lose their next two matches, and Notts took first place after a 1–0 win at Northampton and a 3–1 home win over Lincoln. Promotion to League One was confirmed on 17 April with a 4–1 home win over Morecambe, before Notts played Rochdale at Meadow Lane on 20 April. The match attracted 10,536 spectators, and was won 1–0 by the home team through a 30th minute goal by Hughes. The victory put the Magpies four points clear of second with a game in hand, and was described by Paul Fletcher of the BBC as "a huge step towards sealing the League Two title". Notts lost their next match at Port Vale, but then clinched the title on 27 April with a 5–0 win at Darlington. The team were presented the trophy after their final home game, a 5–0 win over Cheltenham, before the season concluded with a 0–0 draw at Torquay.

Match details
Key


 * In result column, Notts County's score shown first
 * H = Home match
 * A = Away match


 * pen. = Penalty kick
 * o.g. = Own goal

Results

FA Cup
Notts County's FA Cup campaign began in the first round with a home match against fellow League Two club Bradford. Karl Hawley and Johnnie Jackson scored shortly before and after half time, and the Magpies won 2–1. Notts defeated League Two opposition again in the second round, this time coming from 0–1 down to win 2–1 at Bournemouth, and so earned a home tie with Forest Green Rovers of the Football Conference in the third round. Due to be played in the midst of Trembling's efforts to find a new buyer for the club, he had reportedly hoped to use the tie as an opportunity to host potential investors; the match, however, was postponed due to freezing weather conditions. The tie eventually went ahead on 20 January and was won 2–1 by the Magpies, who consequently reached the FA Cup's fourth round for the first time in 15 years.

Notts County's next opponents were Premier League side Wigan Athletic, who visited Meadow Lane on 23 January. A crowd of 9,073 saw the Magpies take a 2–0 first half lead through goals from Hughes and Davies, but Wigan fought back in the second half, and a late goal from Ben Watson meant the match finished 2–2, meaning a replay would be required. With speculation ongoing about the club's future, Davies welcomed the replay as a "chance to get in the headlines for the right reasons". In the replay, a 75th minute goal from Stephen Hunt, followed shortly afterwards by an own goal from Wigan's Gary Caldwell, gave the Magpies a 2–0 win over their Premier League opponents. The victory meant Notts County progressed to the fifth round of the FA Cup for the first time since 1992. Here, the Magpies were drawn away to another Premier League club, this time Fulham. The match, coming shortly after Trew's purchase of the club, resulted in a 4–0 defeat for Notts, who were consequently eliminated from the competition.

Match details
Key


 * In result column, Notts County's score shown first
 * H = Home match
 * A = Away match


 * pen. = Penalty kick
 * o.g. = Own goal

Results

League Cup
As a League Two team, Notts County entered the League Cup in the first round, where they were drawn at home to Doncaster Rovers of the Championship. The Magpies lost 1–0 and were thus eliminated from the competition.

Match details
Key


 * In result column, Notts County's score shown first
 * H = Home match
 * A = Away match


 * pen. = Penalty kick
 * o.g. = Own goal

Results

Football League Trophy
In the first round of the Football League Trophy, a competition for League One and Two teams, Notts County were drawn away to Bradford. The match finished 2–2, requiring a penalty shootout to determine the winner. Bradford won this 3–2, meaning the Magpies were eliminated from the competition.

Match details
Key


 * In result column, Notts County's score shown first
 * H = Home match
 * A = Away match


 * pen. = Penalty kick
 * o.g. = Own goal

Results

Players
Prior to Trew's takeover, Notts County were penalised for breaking League Two's salary cap, which required wages exceed no more than 60% of revenue. Though Trew claimed to have rectified this, the club nevertheless spent much of the season under a transfer embargo, unable to sign any further players. A total of 24 players made at least one appearance for Notts County during the 2009–10 season. Of these, Ben Davies played in the most games, featuring in 51 of 54 matches. Eight other players – Neal Bishop, Mike Edwards, Lee Hughes, Ricky Ravenhill, Luke Rodgers, Kasper Schmeichel, John Thompson and Craig Westcarr – made a minimum of 40 appearances, while three players (Sol Campbell, Sean Canham and Nathan Fox) played only once, the latter two's appearances coming as substitutes.

Hughes scored 33 goals across all competitions during the campaign. In doing so, he became the first Notts County player to score 30 goals in a season since Tommy Lawton in 1949–50. Davies (16), Rodgers (13) and Westcarr (11) were the other players to reach a minimum of 10 goals. Goalkeeper Kasper Schmeichel kept 24 clean sheets in his 43 league appearances, setting a new club record for the most in a season.

Player statistics

 * Key

Pos = Playing position

Nat. = Nationality

Apps = Appearances

GK = Goalkeeper

DF = Defender

MF = Midfielder

FW = Forward

Numbers in parentheses denote appearances as substitute.

Source:

Investigations of the takeover
Investigations of the Munto Finance takeover, and the broader scheme of which it was part, continued after its collapse. One was undertaken by BBC journalist Peter Marshall, whose investigation was broadcast in an episode of Panorama shown on BBC One in May 2011. More than a decade later, producer (and Notts County supporter) Ben Robinson and radio presenter (and Nottingham native) Alice Levine uncovered further information for a BBC Sounds podcast series. These investigations, together with the reporting of Matt Scott of The Guardian, confirmed King's central role. Eriksson gave an interview to Scott shortly after the former's departure from Notts, in which Eriksson said that King had played a pivotal part in convincing him to join the club. Meanwhile, Marshall found evidence of King giving orders and approving finances at Meadow Lane, and Trembling would admit to Marshall that King had been his boss.

The investigations revealed a complicated network of companies. Munto Finance was a subsidiary of Qadbak Investments, which was in turn closely connected to a third company, Swiss Commodity Holding (SCH), the sole directors of which were Nathan and Peter Willett. Eriksson had been promised a shareholding in SCH, and Campbell handed a £33,000 per week "ambassadorial" contract (in addition to his contract with Notts County). The company's logo was even incorporated into Notts County's badge. King was preparing a fraudulent stock market floatation of SCH, which presented itself as a mining company which had gained the rights to extract the mineral reserves of North Korea (despite having neither the means nor the intention of doing so). Paul Fallon, who acted as a lawyer for the company, described the scale of the fraud had investments gone ahead as "huge". Scott believes that the takeover of Notts County was to provide positive publicity and lend credibility to SCH ahead of its floatation. Quadbak Investments also attempted a similar takeover of the BMW Sauber Formula One team.

King and Nathan Willett visited North Korea in October 2009, taking with them Eriksson and an unknown figure claiming to be Bahraini royalty; Eriksson later said that he was approached by officials during the visit who asked him to fix a favourable 2010 FIFA World Cup group for the North Korea team. King and Willett negotiated an agreement between SCH and the North Korean government over the country's mineral reserves, but the latter seem to have grown suspicious when a shipment of Bahraini oil promised as part of the deal failed to arrive. The delegation's departure from Pyongyang was delayed, during which time Eriksson described King and Willett as "very nervous". The experience appears to have resulted in King losing his nerve and abandoning the scheme. He fled to Bahrain, where Marshall later tracked him down and confronted him; King refused to speak. Nathan Willett also disappeared.

Staying in Bahrain, King launched another fraudulent scheme, this time creating a magazine which he passed off as a Middle East-based edition of the Financial Times in order to obtain the advertising revenue and barter deals. In 2018, King was extradited from Bahrain to Jersey to stand trial in connection with still another fraud, this one perpetrated in Jersey in 2008. He was convicted in 2019 and sentenced to six years imprisonment. At a later hearing, Jersey authorities ordered he pay £322,212 in connection with the case or face additional time in prison. Released in 2021, he was confronted again by Levine in the course of her and Robinson's investigation. Once again, King declined to be interviewed.

Consequences for Notts County
"We expected it to be bad, but probably not this bad", Jim Rodwell, Notts County's new chief executive, said of the club's finances a month after Trew's takeover. At that point, the club was thought to be £6.9million in debt. Trew later told Levine that the final debts were in fact £7.3million. The situation would have been worse had Eriksson not agreed to forego £2.5million owed to him by the club. There was considerable anger towards Notts County from other League Two clubs, who felt that the Magpies had not been punished sufficiently for breaking the salary cap. Trew dismissed this in an open letter, claiming the club's FA Cup run and his investment had brought it within the salary cap, though he acknowledged this had not been the case before his arrival. Nevertheless, Notts were required to release Schmeichel, reportedly earning £15,000 per week, following the season's conclusion, with Trew explaining that retaining and attempting to gain a transfer fee for the goalkeeper would have been a huge risk for a club with such precarious finances.

Notts County remained in League One for five years until returning to League Two in 2015. Interest in the Munto Finance takeover has continued in the years since, particularly as the club continued to experience off-field problems. In 2016, with the club once again subject to winding up petitions, and Trew looking to sell, Harry Reardon of These Football Times wrote of the "bizarre" takeover, hoping that a proposed sale to overseas investors would "go a little better than last time". Trew sold the club to Alan Hardy, a Nottingham-based businessman, in December 2016, but by 2019 the Magpies were not only once again in the midst of a severe financial crisis but also relegated to non-League football for the first time in their history. Coverage of the club's plight at that time referenced the events of 2009. During the 2022–23 season, some journalists framed the club's efforts to win promotion back to the league as an attempt to recover from the off-field problems of the previous two decades, the 2009 takeover among them.