Future of Notts County uncertain, say reports

Notts County and the company owned by its chairman could be set to go into administration this week, according to reports.

Sky Sports News says that there are “serious financial concerns” at chairman and owner Alan Hardy’s interior fit-out company Paragon after it was revealed that the company loaned the Club £7m.

Sky Sports News say that Paragon is “facing the real prospect” of administration “in the next couple of weeks” and that the company has stopped work on a number of contracts.

It reports that if the company brings in administrators they could call in the loan to The Magpies, which would put the future of the club in serious doubt.

Hardy put the club up for sale last month. Notts County currently sit bottom of the Football League – five points from safety.

In its latest available accounts for the year-ending 30 June 2017, Paragon turned over £62m and made a profit of £131,000.

Meanwhile, Alan Hardy set up another company called PPDCL3 Limited on 14 February, but TheBusinessDesk.com understands this is unconnected to Notts County of Paragon.

A spokesperson for Paragon told TheBusinessDesk.com a statement on the situation will be made later this week.