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.
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The council is owed £2.3 million, including a 2006 loan and a subsequent 'bailout'.
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.
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Comments
by fredthefrib
Friday, September 28 2012, 7:40PM
“I could do with a free handout being on hard times, what are the chances of a similar loan on these terms if I start a no hope business?
Maybe I should also stop paying my council tax after seeing from an earlier story about our esteemed council officers writing off rent and council tax arrears in our area.
Lame ducks and shisters high and low seem to do okay here don't you think?”
by Ranynotchosen
Friday, September 28 2012, 5:03PM
“Another non-story to have a go at the Vale. It's obvious that if the Vale go out of business, this will be a loss, if not they might get there £700k back.”
by Robnoxious
Friday, September 28 2012, 3:08PM
“Well on the positive side you can see something for your money. What about all the millions that have been spent and you can't.”
by mole10
Friday, September 28 2012, 2:08PM
“Don't worry, it's ok.”
by muzzer57
Friday, September 28 2012, 1:37PM
“Money down the drain.”