Former Notts County chairman John Armstrong-Holmes has admitted that he "bitterly regrets" selling the club to Munto Finance last summer.

The club are now £6.7m in debt and it was revealed this week they narrowly avoided going into administration.

"I've been duped and we feel very bad about that," Armstrong-Holmes told BBC East Midlands Today.

"My conscience is clear. We did what we believed was in the best interests of the club."

Munto said they would invest heavily and help take the team from League Two to the Championship side within five years.

But they left in December, selling the club to Peter Trembling for £1.

Trembling, in turn, sold Notts for the same price to Ray Trew in mid-February.

Trew admitted this week that the Magpies only narrowly avoided going into administration.

Armstrong-Holmes added: "I'm not saying we didn't make mistakes.

"The part I've played in bringing Ray Trew to the football club is my way of righting a wrong.

"I got it wrong and I hold my hands up. The best way I could deal with that was to stop the club going into administration.

"Back in November I had dialogue with (chief executive) Jim Rodwell and Ray Trew and fed them information about the football club and showed them the same five-year plan I had written for Trembling.

"So the news this week makes me feel a lot better."

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