12.14.09

Trembling’s Bargain Buyout Of Notts County = A Shitty Xmas For Sven

Posted in Football at 9:25 pm by

Former England manager Sven-Goran Eriksson’s consultancy role with League Two’s Notts County came to a sordid end this weekend when prior owners Swiss Commodity Holdings essentially skipped town, leaving Erikkson’s hopes for a massive payday and/or equity in the club in serious jeopardy. From The Guardian’s Matt Scott :

As revealed by the Guardian last month, Eriksson demanded immediate payment of the funds in order to substantiate the former owner Qadbak Investments’ claims of vast wealth at the club. But the situation became even more complicated when on Saturday Peter Trembling, Notts County’s executive chairman, was handed 90% of the shares in the club in a £1 management buyout.

Trembling says all corporate ties with Qadbak and SCH have been cut. Given that SCH was supposed to be the source of the funds that would boost Eriksson’s otherwise meagre wage at Meadow Lane, all the indications are now that Eriksson will quit over what he considers to be broken promises. Lawyers are poring over agreements between the former England manager and SCH, the Zurich-registered company whose logo forms part of Notts County’s club crest.

In the meantime, the Swede will not receive any assistance from Trembling in his attempts to recover the funds. “We are aware that Qadbak had an arrangement with Sven but the club cannot comment on issues which are independent of the club,” Trembling said yesterday. When asked specifically what he will do to help Eriksson, whom Trembling described last week as a “friend and confidant”, he added: “Anything outside of Notts County is for Sven and his advisers.”

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