Newport County Supporters' Trust reaches £195,000 takeover target
Newport County football club is set to become fan-owned after its Supporters Trust comfortably passed a £195,000 fund-raising target.
The Trust is bidding to take over the League Two club from owner Les Scadding.
And it now has £236,000 following a fund-raising campaign that included a share issue to fans.
A supporters group statement read: "What an achievement and one the Trust Board are truly humbled by."
The trust took interim control of the Rodney Parade-based club in August.
Their millionaire backer Scadding backed the move in which the club's board stood down.
Newport had already announced major shareholder Scadding was gifting his holding to the Trust.
Interim chairman Tony Pring told BBC Radio Wales: "People seem to think that Les sort of gets a chunk of that money and basically that money now goes into the club and becomes a working capital.
"Les, with several other people, have loans on the club that must be paid - they're club loans [and] they will be budgeted for… with monthly repayments.
"But the £236,000 actually basically goes into the club's bank account for working capital for running the club this season."
The prospective new owners say they will strive to ensure The Exiles live within their means to support manager Terry Butcher.
"This is possible. We need to be prudent in our spending, driving down our cost base and increasing our revenue through a number of channels," added the statement.
The Football League must approve the takeover, but Trust members expect that to be a formality.
"Now the hard work really starts," added the statement.
"No one should underestimate the challenge ahead.
"The club has been in a difficult place and it is going to take some time before it gets to where we would like it to be.
"That said, we are confident we can achieve this with the plans we have."
Newport are bottom of the table after one league win this season and face Exeter at Rodney Parade on Saturday.