Peter Trembling today announced that he has completed a management buy-out of Notts County Football Club.

Trembling has purchased the club from Munto Finance for a nominal sum and takes ownership with immediate effect.

Trembling will remain as Executive Chairman, with support from Sven-Goran Eriksson as Director of Football. Notts Chief Executive Gary Townsend will be asked to join the Board with Sir John Walker remaining as the other Board Director.

Announcing the acquisition, Trembling said:"I would like to thank Munto Finance for the way they have conducted the sale of the football club.

"They have been responsible for changing the outlook of a club which had previously finished in the bottom six of the Football League for four times in the past five years.

"Now we cherish ambitions to secure promotion this year and deliver sustainable progress into the Championship and beyond."

Trembling has already passed and been approved through the Football League Fit and Proper Persons Test and, accordingly, sanctioning of the acquisition from the Football League is not expected to be an issue.

Trembling said: "This is clearly an important day for the club and one which will hopefully draw a line under several weeks of speculation.

"I must stress however that a great deal more still needs to be done if we are to fulfil our ultimate objective of Premier League football.

"We have restructured the ownership of the football club in order to secure new and prolonged investment.We anticipate this will be an ongoing process."

Trembling spelled out the importance of supporters in helping him to complete the management buy-out. And he stressed that the Magpies' faithful have a huge role to play.

"The support and passion of our fans has constantly energised me. From the first day here, I have been able to see their huge appetite to see success. The last few weeks have been the hardest and most stressful of my working career but the support of the Notts County faithful has been the fillip that has driven me to complete what I anticipate being a significant stage on our road to progression.

"I and all the team here at Meadow Lane are all totally committed to repaying that support and faith.

"This is a totally unique project with the world's oldest professional League club and I, for one, am not prepared to walk away from that.

"We have seen our average home crowds double this season and it is absolutely imperative that our support base continues to grow."

Trembling also paid tribute to hard-working staff at Meadow Lane.

"I must thank all my staff at Meadow Lane for their professionalism, loyalty, dedication and commitment in what has not always been easy circumstances over the past few months," he said.

"I would also like to thank the many sponsors, suppliers and our corporate supporters for their continued backing of our club."

"In particular I would like to thank my friend and confidant Sven-Goran Eriksson who has been steadfast throughout and with whom I will now embark upon the urgent process of securing new investment into the football club."

Trembling has also indicated that on securing new investment he will gift the shares that he has acquired to those investors.