Deal could see £740k repaid

CITY council leaders say they are keeping a close eye on Port Vale's takeover as they look to recoup cash after spending £2.3 million to help keep the club in business.

Paul Wildes and Norman Smurthwaite are to meet the Football League and hope to close the deal in 10 days.

It will ultimately see Stoke-on-Trent City Council recover about £740,000 from the £2.3 million it is owed from a 2006 loan and cash it provided to help keep the club afloat.

Council leader Mohammed Pervez said: "The city council has done all it can to support Port Vale and we very much hope the new bidder is successful and that the club now has a bright future.

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"The administrators are adamant this deal will now be concluded as quickly as possible and we will of course be staying in touch with the developments."

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