Last updated on .From the section Notts County

Notts County were relegated from the English Football League for the first time in their history in May, having been a founding member of the competition 131 years earlier

Notts County have settled their debt with HM Revenue and Customs and had a transfer embargo on them lifted.

New owners Christoffer and Alexander Reedtz have dealt with Notts' major financial issues just four days after taking over from Alan Hardy.

Paying outstanding wages as well as settling a tax bill - which saw Notts face a winding-up petition - has seen the National League lift the embargo.

"Onwards and upwards," the club said in a short statement confirming the news.

After players and staff at Notts were paid their June and July salaries on Monday, dealing with money owed to HMRC was a pressing priority as they were due in the High Court for the fourth time over the debt on Wednesday.

Danish brothers Christoffer and Alexander Reedtz said resolving financial issues at the club was a priority before focusing on new signings.

The pair, who own a football analysis company, now have the chance to recruit and employ their business skills in the transfer market.

Meanwhile, funds raised by Nottingham Forest supporters before their pre-season friendly against Real Sociedad on Friday will be given to charity.

Forest fans held a bucket collection to help unpaid County staff but, with outstanding wage payments now settled by the new owners, Magpies' staff have decided the money should be donated to a worthwhile cause, although the beneficiaries are yet to be announced.

Notts, the world's oldest professional club who were relegated from the English Football League for the first time in their history in May, start life as a non-league club with a trip to Eastleigh on Saturday.