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Club News


20 September 2012

Supporters' Club representatives met this week with the Joint Administrators

Supporters' Club representatives met this week with the Joint Administrators and are pleased to release the second fortnightly update for fans:

The Joint Administrators for Port Vale met this week with a further serious party interested in making a bid for the football club.

Commenting on the ongoing search for a buyer, Bob Young – of Begbies Traynor – said: "There is continuing serious interest from a number of parties and the emergence of a new, seventh bidder – who spent five hours at the club last week – can only be positive.

"I fully understand that the fans are eager to learn the identities of the parties involved but it is not appropriate to disclose them at this stage of the proceedings. Our team is working hard to secure an acceptable offer but I do not consider that it is in the best interests of the club to say anything further at this stage. 

"I am very aware that this situation hasn't changed since our last update and I would ask the fans to bear with us whilst the delicate and often complex negotiations continue.

"We are now a month into the new season and the results on the park have been tremendous. Micky Adams's team is playing a brand of exciting and attractive football which has placed them second in the league and made them the leading goal scorers in the country. This can only help to make the club a more attractive proposition for potential purchasers.

"The team's performances are creating a feel-good factor around the club and it is nice to see Vale grabbing the headlines for football reasons again. The great results, coupled with increased commercial activities, are demonstrating the club's undoubted potential to interested parties."

Mr Young told Supporters' Club representatives that Begbies Traynor's costs for running the club had already exceeded the funding cap agreed with Stoke-on-Trent City Council by a significant margin and that the additional work now being undertaken was unlikely to be likely to be recovered by the firm. 

He said: "We will not ask the council to underwrite any of our costs over and above our agreed funding arrangement and we expect that we will achieve a 'break-even' from our period of trading Port Vale.

"The truth is that decision to continue trading after the collapse of the Ryder deal was NOT motivated by a desire to improve our fee income but rather to preserve the long and proud history of Port Vale Football Club. 

"We are all local to the area and have all grown up with two football teams in this city. We will do everything that we can to ensure that continues to be the case."

Supporters' Club representatives requested an update on the progress of the investigations into the activities of former Port Vale directors and the Joint Administrators confirmed that they had met with Staffordshire Police for three hours recently to assist with their enquiries.

Steve Currie said: "We had a very useful meeting with Staffordshire Police representatives at which a number of areas for investigation were discussed. We have agreed a way forward with the police and have agreed to provide them with as much information as we can to enable them to progress their enquiries.

"We recognise that the actions of the previous directors are of concern to fans – many of whom have lost out as a result of their investment in shares in Valiant 2001 – and we are doing everything we can to assist the police in their investigations."

Mr Currie revealed that the administrators were also conducting their own investigation into the affairs of the club to establish whether or not there were any civil matters which may be pursued to recover funds for creditors. 

He said:  "We continue to look at a number of areas where we may be able to recover funds – including the issuing of 'nil-paid' shares. These investigations are ongoing and the details cannot be made public at this time."

The Supporters' Club asked when fans who had purchased season tickets via the Super Savers scheme would be entitled to receive their tickets and the Joint Administrators confirmed that they had agreed to release season tickets to all those savers who had paid for them. They asked anyone who had not yet received their tickets to contact the ticket office.

Mr Currie said that off the field, the club was continuing to develop its commercial activities and has announced its inaugural Corporate Day on September 26 at which businesses will be invited to visit Vale Park and view its facilities. The event is being held in conjunction with the North Staffs Chamber of Commerce and is one of a number of new initiatives being planned.

A spokesman for Port Vale Supporters' Club said: "Obviously the key thing fans want to know from our meetings is who the bidders are and when their club will be taken over. Frustrating as it may be, we understand fully why the Joint Administrators don't wish to make this information public at this time.

. They understand fully the fans' frustrations and concerns and are trying to do their best for both the creditors and the club going forward while dealing with the day-to-day problems and issues thrown up by any business.the right buyer as quickly as possible"Suffice to say that we are happy that there are serious interested parties in the frame who are doing their due diligence and that the Joint Administrators are working as hard as they can to sell the club to

"We, as Supporters' Club representatives, will continue to push the Joint Administrators hard for answers while providing any support and help we can to the club at this time.

"Thankfully, the team's performances and the great work done by Micky Adams and his coaching staff is putting a smile on everyone's faces and restoring some much-needed pride in our club. Long may this continue.

"We would now urge as many fans as possible to get down to Vale Park on Saturday and get behind the lads who are doing us proud. Let's turn Vale Park into a fortress once again!"

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 top-of-the-table clash with Gillingham.

Up The Vale!

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