By Paresh Soni

Pub quiz experts up and down the land know that Notts County are the oldest league club in the world.

I will always try to maximise what I can get for each pound Gudjon Thordarson

Keen students of the lower divisions are also aware how financial problems have littered their recent history.

Results on the pitch have not been that great either in the last couple of years.

Last season was particularly dismal, as the Magpies finished fifth from bottom in the lowest tier of the English league.

It is a far cry from the halcyon days of top-flight football in the early 1980s under the revered Jimmy Sirrel.

But Gudjon Thordardson, the latest to try his hand at reviving County's fortunes, is not burdened by the past.

The Icelander, who took over as manager in May, told BBC Sport: "I knew they were in a bad state on and off the pitch.

"But from my point of view it was a good opportunity to build a team and take the club forward.

"A few years ago at Stoke we were fighting promotion from the old Second Division and Notts County were there or thereabouts, so there is potential.

"They've had some bad years but it's something I'd like to turn around and pick up."

Thordarson prides himself on his attention to detail and his voracious appetite for work.

It served him well when he transformed Iceland's fortunes and took them to the brink of Euro 2000 qualification.

MAGPIES FACTFILE 1862: Notts County FC Formed 1894: Beat Bolton 4-1 in FA Cup final 1981: Promoted to old First Division 1985: Relegated to old Third Division 1986: Almost go bust with debts of �2m 1991: Back in Division One under Neil Warnock 1992: Relegated after one season in top flight 2002: In administration after ITV Digital collapse 2003: Saved by Blenheim Consortium takeover 2004: Relegated to League Two

Being dumped by Stoke days after guiding them to promotion in May 2002, and shown the door by Barnsley in March 2004 has simply served to make him even more determined.

"You've got to prepare yourself all the time - you don't know what's going to hit you," he said ruefully.

"I'm never happy and am always looking for improvement."

Thordarson remains unhappy that his endeavours went largely unrecognised by supporters and directors at the Britannia Stadium and Oakwell.

The 49-year-old insists he squeezed as much as possible out of the limited budgets he had at his disposal, only to fall foul of unrealistic expectations.

"I enjoy what I do but sometimes the demands of the job from above and fans can be difficult," Thordarson lamented.

"The best thing is to inform people what you have to play with. At Notts I don't have a great deal of money, I have to work with a shoestring budget.

"So people can't expect great things to happen, but I will always try to maximise what I can get for each pound and make sure the basic requirements are fulfilled - you work your players hard and try to get them fit and organised.

"If you start well, you can be a victim of your own success. People expect it to last through the season.

"Then they realise the squad isn't that strong and people find it hard to come to terms with.

"I did a job at Stoke, and at Barnsley I had next to nothing and improved the team in just nine months."

I've been told this is the last year of financial difficulties - hopefully we are going to see brighter and better days ahead

The Magpies, having come through their financial traumas and become accustomed to struggles on the pitch, appear to be a perfect match for Thordarson's good housekeeping and pragmatism.

The early signs are good - two wins, two clean sheets and seven points from the first three games - and the man in the hotseat expects the upward curve to continue.

"People here are starting to understand what I'm about," Thordarson added.

"It's been a decent start. We've been working on the defensive side of the team for a big part of the pre-season and it's paid off.

"If we continue what we're doing now, bring in new faces, and if we are well safe away from a relegation battle I will be happy.