Port Vale should be out of administration by June, subject to the approval of the Football League. A £1.3m takeover by Lancashire businessman Keith Ryder was approved by creditors on Thursday. The company voluntary arrangement was approved by 87 per cent of creditors.
Ryder’s initial offer was £1.4m. But Stoke-on-Trent City Council rejected his offer to pay them £800,000, partly in instalments, so they have instead settled for £700,000 to be paid up front.
Port Vale should be out of administration by June, subject to the approval of the Football League. A £1.3m takeover by Lancashire businessman Keith Ryder was approved by creditors on Thursday. The company voluntary arrangement was approved by 87 per cent of creditors.
Ryder’s initial offer was £1.4m. But Stoke-on-Trent City Council rejected his offer to pay them £800,000, partly in instalments, so they have instead settled for £700,000 to be paid up front.
On top of their £700,000 return, the council can expect a further £30,000 from money distributed to creditors. That means the local authority will have to write off around £1.4m from the combined £2.1m they will be owed by the club from a 2006 loan and funding to allow the club to go into administration, rather than be closed down.
This is quite a lot of money when council budgets are hard pressed, but the club is seen as an important part of the local community.