1. ITV Report

Buyers interested in Port Vale

Port Vale Football Club Image Photo: ITV Central

Administrators of Port Vale Football Club are reporting strong interest in acquiring the club.

The club, which is three million pounds in debt, went into administration earlier this month.

Bob Young, Gerald Krasner and Steve Currie of corporate recovery specialists Begbies Traynor were appointed joint administrators of Port Vale following an order made by the High Court in Birmingham.

Administrator Bob Young said they had held further consultations with a number of bidders and had identified six potential purchasers.

“We are talking to them to see what their requirements are and we have also held discussions with the Council, who are the largest creditor and who have been very supportive in this process."

– Bob Young, Begbies Traynor

He said " It is hoped that these discussions will lead to some formal bid within the next week, at which time the joint administrators will consider which is their preferred bidder and then move the process forward."

He added that in the meantime they were continuing to trade the club and said the administration process had enabled them to stabilise the club while they looked for a buyer.

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