The group that bought out the Meadow Lane outfit over the summer, Qadback Investments, have been the subject of an investigation by League officials for a number of weeks after concerns were raised over the legitimacy of the club's hierarchy.
County were involved in several high-profile rumours in tabloid newspapers, linking the Nottingham club to world stars including former Brazil international Roberto Carlos and former Inter manager Roberto Mancini.
The unusual nature of the sudden and spectacular takeover in July was brought into sharper focus when former England central defender Sol Campbell turned down numerous other offers to sign for the fourth-tier club before subsequently quitting after only one game.
However, after investigating the club's owners the Football League has released a detailed statement confirming that the takeover is legitimate, praising the 'greater co-operation' of the new owners in publicly revealing their identities.
'The Football League has confirmed that Notts County Football Club has complied with its regulations on fit and proper persons,' the statement reads.
'This decision is based on the extensive disclosure provided by the club with regard to its ownership structure.
'This structure is complicated, and features both offshore entities and discretionary trusts.
'Together with the initial hesitation of the club's ultimate owners to identify themselves, this made for a lengthy and at times difficult process.
'However, following greater co-operation from the club more recently, the League is now in a position to confirm that it is in possession of the appropriate details for those individuals that exercise control over the club.'
It was also noted by the Football League that Notts County have now terminated their consultancy arrangement with Russell King, who is facing a fraud charge at a court in the Channel Islands.
Sources close to the investigation suggest this move paved the way for more transparency from the club, in particular County's new executive chairman Peter Trembling.
The club first hit the headlines after the takeover when it was announced that former England manager Sven Goran Eriksson would be taking on the post of director of football at Notts County.
Eriksson has subsequently been linked with other jobs, including most recently coaching the national side of his native Sweden, but has turned down the approaches in favour of staying at Meadow Lane.
County were involved in several high-profile rumours in tabloid newspapers, linking the Nottingham club to world stars including former Brazil international Roberto Carlos and former Inter manager Roberto Mancini.
The unusual nature of the sudden and spectacular takeover in July was brought into sharper focus when former England central defender Sol Campbell turned down numerous other offers to sign for the fourth-tier club before subsequently quitting after only one game.
However, after investigating the club's owners the Football League has released a detailed statement confirming that the takeover is legitimate, praising the 'greater co-operation' of the new owners in publicly revealing their identities.
'The Football League has confirmed that Notts County Football Club has complied with its regulations on fit and proper persons,' the statement reads.
'This decision is based on the extensive disclosure provided by the club with regard to its ownership structure.
'This structure is complicated, and features both offshore entities and discretionary trusts.
'Together with the initial hesitation of the club's ultimate owners to identify themselves, this made for a lengthy and at times difficult process.
'However, following greater co-operation from the club more recently, the League is now in a position to confirm that it is in possession of the appropriate details for those individuals that exercise control over the club.'
It was also noted by the Football League that Notts County have now terminated their consultancy arrangement with Russell King, who is facing a fraud charge at a court in the Channel Islands.
Sources close to the investigation suggest this move paved the way for more transparency from the club, in particular County's new executive chairman Peter Trembling.
The club first hit the headlines after the takeover when it was announced that former England manager Sven Goran Eriksson would be taking on the post of director of football at Notts County.
Eriksson has subsequently been linked with other jobs, including most recently coaching the national side of his native Sweden, but has turned down the approaches in favour of staying at Meadow Lane.
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