Newport County fans' group in talks with Scadding over takeover

Les Scadding was chairman when Terry Butcher (left) was named manager in April

Newport County Supporters Trust has confirmed it is in talks with owner Les Scadding about taking over the club.

Euro Millions winner Scadding has stepped down as chairman and director of the League Two club after his £1.25m investment helped them win promotion back to the Football League in 2013.

Newport narrowly missed out on a League Two play-off place in 2014-15.

The Trust hopes to be in charge when Newport's new season starts at Cambridge on Saturday, 8 August.

"We greatly appreciate Les' backing for the Trust and hope to work with him to ensure we continue to build upon his already significant contribution to both the Club and City," the Trust said in a statement.

Major shareholder Scadding is willing to sell his shares at a reduced price as the 59-year-old wants to move to his holiday home in Barbados on a more permanent basis.

Scadding has been funding a monthly deficit of around £50,000.

Next season's budget has been reduced to around £850,000 from the 2014-15 figure of £1.4m.

The Supporters Direct group is advising the Trust to ensure the potential take-over - similar to the fans take-over at National League club Wrexham - runs smoothly.

"Contrary to some reports we can confirm we have not outbid any another group and are committed to working towards securing an agreement which is mutually acceptable to both parties," the statement added.

"In addition we can also assure supporters we are solely representing our members, and future members, and are not working with any other group.

"Furthermore any agreement will also have the interests of supporters and the club at its core."

The Exiles started as a fans-run business in 1989 when a group of 400 supporters started a new club following the demise of the old Ironsides, who folded amid debts of £330,000.