Port Vale loan treated as loss by Stoke-on-Trent City Council
DEBTS owed by Port Vale to Stoke-on-Trent City Council are now being treated as a loss on the advice of auditors, The Sentinel has learned.
The council is owed £2.3 million, including a 2006 loan and a subsequent 'bailout'. It will get back £700,000 if the club is sold on terms previously agreed with former bidder Keith Ryder.
But the Audit Commission says the council must now record the cash as a loss in its accounts, until there is "more surety" over the club's future.