- 5 updates
Administrators at Port Vale Football Club today named Lancashire-based businessman Keith Ryder as their preferred bidder.
The club has been in serious financial trouble and entered administration last month.
Administrators said Mr Ryder, who has a background in financial services and property development, "has no intention of bullding houses" on the current site.
Mr Ryder, who was not at the press conference today, has promised to meet supporters. He will be holding a Fans' Forum on April 18.
Club administrator Bob Young said: "Financial services, property development. He [Keith Ryder] has asked me to make absolutely clear he has no intention of building houses or anything other than a sports stadium here.
"He will sign an anti-embarrassment clause with the council to commit to keeping this as a football site."
The joint administrators of cash-strapped football club Port Vale have revealed that their preferred bidder for the club is Keith Ryder.
Ryder, who's a Lancashire-based property developer, is looking to acquire the club through a new company - Port Vale FC Limited.
He wants to reassure fans that he has no plans to build houses on Vale Park.
In a statement he said he wants to "bring the good times back to Burslem."
A press conference is being held at Port Vale later this morning, where it's expected administrators will announce their preferred bidder. It is understood that they have received five anonymous bids, the deadline for which was Monday.
Port Vale entered administration last month with debts of almost £3 million.
Bob Young, Gerald Krasner and Steve Currie of corporate recovery specialists Begbies Traynor were appointed joint administrators following an order made by the High Court in Birmingham.