Port Vale: Vale miss £20,000 repayment on £2.25m council loan
PORT Vale have been urged to come clean on the club's finances after failing to make the latest monthly repayment on their £2.25m loan with Stoke-on-Trent City Council.
The authority say they may be forced to take legal advice after Vale missed the January 31 deadline to pay last month's loan payment of £19,616.
-

The December instalment for the same amount was only paid on January 30, almost a month late.
Sarah Hill, the council's cabinet member for finance, has urged the Vale board to show how they intend to improve the club's finances.
Business Cards From Only £10.95 Delivered www.myprint-247.co.uk
View detailsOur heavyweight cards have FREE UV silk coating, FREE next day delivery & VAT included. Choose from 1000's of pre-designed templates or upload your own artwork. Orders dispatched within 24hrs.
Terms: Visit our site for more products: Business Cards, Compliment Slips, Letterheads, Leaflets, Postcards, Posters & much more. All items are free next day delivery. www.myprint-247.co.uk
Contact: 01858 468192
Valid until: Friday, May 31 2013
She said: "Port Vale are very keen to get their finances together and pay us what they owe.
"From what they have said to us, we hope that over the next couple of weeks they will have a much clearer idea of what direction the club is going in and where their future lies.
"In that time we would expect the club to give us a very clear idea of how they plan to move forward, manage their finances and how they're going to become more secure.
"We would also want to know how the club are going to pay off what they owe us.
"The board are hopeful of reaching a resolution, but if we don't get that over the next couple of weeks then it is my view that a more serious review of the loan agreement is needed.
"If that happens we would have to take legal advice to discuss what our options are and the consequences of those options."
Vale have already breached the terms of the 2006 loan agreement on two occasions.
The first came when the club's former chairman, Peter Miller, took out a £277,000 mortgage against Vale Park last month.
The second occurred when Vale failed to submit last season's audited accounts to the council by a set deadline of December 27.
Hill, right, said Vale would be given time to overcome any financial difficulties ... for now at least.
"If I was a Port Vale fan then I would be worried about this," she added, "and from the council's point of view we want our money back and to be paid regularly.
"This is a serious matter because we're talking about taxpayers' money, but we want to give the club the time and space they need to give themselves a business base from which to move forward.
"The last thing we want to do is push them over the edge.
"We haven't discussed recalling the loan and the club have not discussed renegotiating the loan agreement – and we wouldn't want to do that."
"If we called in the loan we would be unlikely to get the money back anyway.
"We haven't set the club a deadline to pay back January's repayment, but that could be one of our options. It depends what happens."
Just under £1.8m of the loan is still outstanding. Vale had not missed a repayment deadline until December.
The unpaid £19,616 January installment includes an interest payment of £8,898.
Vale failed to respond to Sentinel requests to explain why the repayment had not been made, but acting chairman Mike Lloyd told BBC Radio Stoke last night: "The (December) payment was late going in, but has now been cleared. The one for January is slightly overdue and as cash flow becomes available we shall pay that off as well."
Lloyd claimed fans' protests and the extra policing costs of dealing with them had sapped the club's revenue.
He added: "Myself and the rest of the board have been working hard to bring in investment, but we've had examples of supporters asking sponsors to withdraw their money."
"So some of the moves to try to oust the board puts the whole club in jeopardy. If that continues, of course there are going to be cash flow problems.
"The council appreciate our difficulties."
More Port Vale articles:
Port Vale: Deakin and Miller 'can use shares in EGM vote'
Port Vale: Derby clash with Crewe Alex already in doubt




Comments
by djdaz1210
Thursday, February 09 2012, 2:01PM
“not the correct way to run a club is it. vale fans have been right, too many no logic men in charge on the board. power to the people.”
by oliver3742
Thursday, February 09 2012, 1:20PM
“One thing concerns me on this, if we were late last month, none this month, are in dispute with the company producing the programme, where exactly has the £277,00 gone? If it has gone on salaries, as it's obviously not going on bills, what is going to happen this month or even next month. The sooner someone does due diligence or a comprehensive financial investigation takes place then I genuinely fear for the club.”
by tisdeano
Thursday, February 09 2012, 8:30AM
“Mick32
In 30 years of support I have seen promotions, relegations, admin.
I have seen crowds of 2000 and crowds of 18,500...
Now talking of crowds these clowns will have sub 3000 crowds next season because people are fed up of the garbage football, all this nonsense of support your team no matter what is just that nonsense, if you want evidence look at our crowds over the seasons, its the football on offer that really matters.”
by simo_pvfc
Wednesday, February 08 2012, 7:27PM
“absolutely gutted watching this happen 2 our club and knowing theres not alot most of us can do except for keep getting behind the lads....what goes around comes around miller,deakin and co will get exactly what they deserve at some point in there lifes scum!!!”
by lanternhead
Wednesday, February 08 2012, 6:56PM
“tony.. lloyd has lost all credability, so have the others, dark days ahead.”
by lanternhead
Wednesday, February 08 2012, 6:51PM
“Apparently the commercial side is doing well ? but not making a profit ?, would it be correct to say that top heavy staffing levels are soaking up profits 'cos if so the commercial side is about as much use as a chocolate fire guard. Profits from the commercial were to be ploughed back into the playing side but profits aren't ever enough to repay the council loan ??? , Things are blacker than at first seemed, From a company point of view harsh though it sounds, a few staff posts should be merged and a few staff made surplus that would release a few quid ,any cost cutting along those lines would help, unpleasant though it sounds but the club must survive ,short term pain for long term gain but i wonder, are the club still paying millers salary and deakins wage because their salary's would almost if not all pay the council loan, just a thought fellow supporters ,just a thought.”
by ValiantFosse
Wednesday, February 08 2012, 6:02PM
“Mick32, I am a ST holder and shareholder, whether I attend or not makes no difference. I have also seen it all from Ronnie Allen and Tommy Lawton at the Old Rec, never have I been so depressed. What will happen if the EGM is fiddled I dread to think.”
by mick32
Wednesday, February 08 2012, 5:22PM
“fosse
in 50 plus years of support, i have seen it all at MY CLUB, promotions, Relegations, administration, application to be re-elected to the football leauge. Never have i considered "enough is enough"
The EGM or AGM will take place it has to and that is the format to effect change.
When and if a new board is elected to your likeing and the standard of foot ball remains the same will you still be saying enough is enough.
Bottom line is YOUR TEAM NEEDS YOUR SUPPORT if you are a supporter you should have one priority ATTEND GAMES and GIVE YOUR SUPPORT TO YOUR TEAM REGARDLESS OF THE SITUATION”
by stgeorge1st
Wednesday, February 08 2012, 4:58PM
“lloyd you are a clueless buffoon who i would not trust to organise a chimps tea party, let alone act a chairman of our beloved port vale , you know nothing , see nothing and blame everyone else for your collective failure .
in reality mike lloyd you should be on stage as you appear to be some sort of comedian albeit not very funny.”
by ValiantFosse
Wednesday, February 08 2012, 4:50PM
“Mick32, the board are delaying everything, payments, accounts, AGM, EGM, etc. What they cannot delay is the day of reckoning. It is the board`s job to put an attractive team on the pitch, if they fail to do that customers do not turn up, football fans are very loyal, but enough is enough. It may well be that Admin comes before the AGM/EGM, that is why people are bickering.”