Port Vale: Administrators hoping to seal Wildes deal by end of month

VALE administrator Bob Young is hoping Paul Wildes' deal to buy the club will be concluded by the end of the month.

Young believes the Chester-based businessman has the credentials to make the club a success.

He also paid tribute to boss Micky Adams and the club staff after officially naming Wildes as the club's new preferred bidder yesterday.

"We, as administrators, have been at Vale Park for far too long," he said.

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"We did think we'd sold the club once, but Keith Ryder was unable to complete.

"Paul and his business partner, Norman Smurthwaite, are the most recent party to come to the table.

"They have impressed us with the speed with which they've done their due diligence, their plans for the whole of Vale Park, and not just the football club.

"They've also done exactly what they said they would do when they said they'd do it, the fact they said they would sign 'Heads of Terms' with us last Friday, and they said they would pay the £100,000 deposit to ensure exclusivity, which they've done."

Young confirmed the sale price had been agreed at £1.25m, which would be paid up front in cash.

He added: "I've been shown the money so I'm sure it's there, and there's no reason to believe Paul and Norman will not be deemed suitable parties by the Football League.

"We've already mentioned their names to the league, who don't appear to have any problems with them, although they must go through the Fit and Proper Persons Test before the sale can be agreed.

"There has to be the transfer of the share in the Football League and the Football Association before formal completion can take place.

"We have, on Paul's behalf, submitted his Fit and Proper Persons Test questionnaire and, since then, the financial information the Football League also asked for has been provided."

Young believes the league will begin their own check on the suitability and business plans of the new company over the next week or two.

"We'd like to complete by the end of October and Paul is keen to do so," said Young.

"We are happy he has wherewithal to do this and his successful business background leads me to believe he is really in a position to take this forward."

Young has been delighted by the form of the team and reserved praise for Adams.

"Micky's valiant work over the last couple of months and the success on the field made it much easier for the administrators to have a little squabble of interested parties.

"I'd also like to thank all the staff here and the supporters' club for their help."