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PORT VALE SUPPORTERS’ CLUB STATEMENT

4 October 2012

Supporters’ Club representatives met this week with the Joint Administrators and are pleased to release the third of our fortnightly updates for fans:

 

PORT VALE SUPPORTERS’ CLUB STATEMENT - OCTOBER 4, 2012

Supporters’ Club representatives met this week with the Joint Administrators and are pleased to release the third of our fortnightly updates for fans:

 

With regard to the bidding process, Begbies-Traynor told Supporters’ Club representatives they remained in negotiations with a number of interested parties – three of whom they now considered to be ‘front-runners’ in the race to buy Port Vale FC.

 

Football League rules require the Joint Administrators to identify their preferred bidder who will then need to satisfy the League’s requirements under the ‘fit and proper persons’ test.

 

Once Begbies-Traynor representatives have agreed heads of terms with the preferred party they will then grant them exclusivity and name them as the preferred bidder to the Football League and this time a substantial six figure non-refundable deposit will be required by the preferred bidder to show their commitment to the purchase.

 

Steve Currie, spokesman for the Joint Administrators, said it was very probable that the preferred bidder would require anonymity until this process is well under way.

 

With regard to the Company Voluntary Arrangement (CVA), it is agreed and remains in place. In order to fulfil the terms of the CVA, the purchaser will be required to set aside £75,000 to meet creditor claims.

 

Supporters’ Club representatives were told this sum is not a material consideration in current negotiations and that all interested parties are currently comfortable with the requirements of the CVA.

 

Once a sale is achieved, the funds can be allocated and the CVA concluded. This should ensure that no further sanctions or points deductions are imposed by the Football League.

 

When SC representatives asked about the due diligence that the Administrators had carried out against the interested parties Bob Young said “ We check with the Football League against their blacklist, look in to their accounts, check companies house records, public information available and of course check proof of funding, however, we cannot guarantee that the funding will either remain in place or they are able to use that funding for the purchase of the club as happened with Keith Ryder but they would stand to lose a substantial amount of money if the deal was unable to be completed”

 

The Joint Administrators said that all football creditors had now been discharged in full by the Football League. This included the February wages and salaries that had previously been unpaid to club employees.

 

Mr Currie said: “The Football League has been extremely supportive and accommodating throughout the administration period and we are grateful to them for their ongoing support.”

 

Port Vale’s inaugural Corporate Open Day took place on September 26 and the Joint Administrators said it was a success and the club would be planning similar events in the future. 

 

They wished to pass on their thanks to all those who attended, to the North Staffs Chamber of Commerce for its support and especially to Chris Shaw for tireless efforts in organising the event. 

 

The Joint Administrators told Supporters’ Club representatives that they were ‘satisfied’ with the current financial performance of the club.  Whilst the attendance for the Dagenham and Redbridge game was disappointing – the turnout for the home match against Gillingham was ‘incredible’. 

 

Bob Young, of Begbies Traynor, said: “We are very grateful for the continuing support of Port Vale’s loyal fan base which has helped Micky Adams’s team get off to such a great start this season.

 

“We are determined not to rush the sale process and are carrying out thorough and rigorous checks on potential buyers.

 

to give the new owner time to develop their plans for the remainder of the season.”as quickly as possible “However, by the same token, we are focused on achieving a sale 

 

The Joint Administrators explained that Port Vale remains subject to Football League restrictions on the number of players it is allowed to register. 

 

Mr Currie said: “This situation has meant that some players with long-term injuries were not registered.  Unfortunately, we do not envisage that the Football League will relax this restriction in the near future.”

 

Supporters’ Club Chairman Pete Williams said he was grateful to the Joint Administrators for their time which was allowing fans to receive regular updates on all aspects of the running of the club.

 

He said: “Obviously the bidding process is uppermost in everyone’s minds and it is the first thing we, as supporter representatives, ask about at these meetings. However, we understand it is a complex process and appreciate the need for discretion and trust in these matters.

 

“We are obviously thrilled that the team is second in the league at this moment and hope that Micky Adams and his coaching staff are able to keep pushing us towards a shot at promotion and know that Vale fans will continue with fantastic support.

 

“I am delighted to say that the Roy Sproson statue will finally be unveiled before the home game against York on Saturday, November 17.

 

“We intend to make it a memorable day for everyone connected to Port Vale and the Supporters’ Club will be releasing more details about the unveiling in the coming days.”

 

PORT VALE SUPPORTERS LONDON BRANCH (North London Valiant’s)

 have arranged a pub in London that will show the match. KO is 7.45pmNorth London Valiants October Port Vale Vs Oxford will be shown live on SKY Sports. For those who cannot make the game, our London Branch of PVSC, the thOn Monday the 15

All Valiants are invited to attend and we shall hopefully be inviting some Oxford fans along too.

The Mables Tavern is centrally located and in between Euston and Kings Cross and serves Shepherds Neame ale and has a good menu.

http://www.shepherdneame.co.uk/pubs/london/mabels-tavernHopefully see some of you there 

info@northlondonvaliantsco.ukContact NLV for more info 

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The Supporters’ Club, which has more than 1,600 members, would like to wish Micky Adams and his team all the best for Saturday’s away trip to Exeter.

 

Up The Vale!

 

 


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