BusinessBusiness RecoveryPreferred bidder named for Port Vale

Preferred bidder named for Port Vale

Port Vale fans' group Valiant 2001 has been chosen as the preferred bidder for the Nationwide second division football club after administrators at Poppleton and Appleby accepted their six-figure sum bid.

Link: Investors eye Port Vale FC

The sale of the club is expected at the end of the month after it is approved by creditors and sanctioned by the Football League. The creditor’s meeting is expected to take place on 13 March.

Administrator Bob Young said he expected the sale would be approved. ‘Valiant 2001 provided proof of funding and a cash deposit for the six-figure sum,’ he said. The bidders are believed to have offered between £1.2m and £1.3m.

He believes the club is in good hands and has a good future. ‘We cut overheads, outsourced the catering, and created a new income stream by letting out the use of the ground. It has beautiful conference rooms which are used for corporate events and wedding receptions.’

The manager also took a 25% pay cut and, prior to the administration, players’ wages had been re-negotiated.

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