Port Vale FC administrators have announced the club’s preferred bidder as Alchemy Investment Group.
The group is fronted by Paul Wildes and his business associate Norman Smurthwaite.
The deal is worth £1.25-million, which is payable upon completion and has no deferred element.
Bob Young, Partner at administrators Begbies-Traynor, said:
“This has been a long process and a difficult time for everyone connected with Port Vale Football Club. Alchemy Investment Group has completed extensive due diligence on the club and have also been approved by Stoke-on-Trent City Council.
“We are confident that the business has all of the financial requirements in place and are looking forward to receiving approval from the Football League so we can complete at the earliest opportunity.”
Paul Wildes, of Alchemy Investment Group, added:
“We are aware that there is still a process to be completed in terms of Football League approval, which all parties are working towards.
“I have watched Port Vale on a number of occasions in recent months and although I am cautious because the deal is yet to be completed, I am also excited at the thought of being involved in a club with so much potential.
“Port Vale has a rich history and I am certain that we can play our part in ensuring it also has a successful future.”