Taxpayers face £1m bill to help keep Port Vale going
CITY council leaders say they are 'disappointed' at the uncertainty surrounding Port Vale's takeover after spending almost £1 million keeping the club afloat.
The authority confirmed last night it expects the total amount it will have spent to keep the club running to reach seven figures and is banking on getting £450,000 back when the club is sold.
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Uncertainty continue to surround Port Vale's financial future.
But officials are in the dark over Keith Ryder's stalled takeover bid and are relying on administrators to deliver the best possible deal.
The city council put Vale into administration and agreed to help cover the ongoing costs to prevent it being liquidated and protect as much as possible of the £1.86 million it is owed from a 2006 loan deal.
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Council leader Mohammed Pervez said: "We are disappointed in the delays completing the deal as it must be a great frustration for the football club, fans and staff.
"But it's the administrators' role to pursue alternative plans in the best interests of the club and its creditors."
Comments
by lanternhead
Tuesday, August 07 2012, 12:24AM
“judge we know you're a wind up merchant but a little harmless banter helps to pass the time away, a fisherman eh?, fly or ledger,”
by warrenpark
Monday, August 06 2012, 11:03PM
“judgeyourself, too much beer again it seems. Call 0845 769 7555 to find help.”
by judgeyourself
Monday, August 06 2012, 6:16PM
“buldhead, just back from fishing caught a few but not as many Vile fans as I managed to hook on this thread, seems that fish are a little brighter than your average Vile fan, I probably shouldn't be suprised at that as I was fishing a lake in the Cheshire area. You and rabbit hole should get on well even though he doesn't pay his council tax to Soke-on-Trent Council, he lives in Liverpool you know he used to work for a Council you know, he loves quoting statistics which he struggles to validate, he has knowledge of acts you know and slightly amusingly he used to work for the audit commitee (: wow how impressed I am , and I fell out of a tree LOL”
by lanternhead
Monday, August 06 2012, 2:06PM
“warren, at least he fell out head first so he did land on his softest spot.”
by kilipo
Monday, August 06 2012, 1:30PM
“re the old friday market, was it not that the club did not have planning permission from the council, as one of the many stall holders at the time, i believe that this was the problem & councils normally have a rule that markets could not be opened within 6 miles of a council run market, Bll Lodey could answer that as he was the guy who ran it ( the toby )”
by warrenpark
Monday, August 06 2012, 12:59PM
“judgeyourself, it was funny when you fell out of the tree.”
by judgeyourself
Monday, August 06 2012, 12:47PM
“warrenpark would that include going back into administration for a second time is does that not constetute being over x2, adminisration is normally as I understand it a last desperate attempt to save a failed/failing venture such as Port Vale.
Anyway enough baiting for now I am off fishing later bye to you and hopefully your club, owned by the council, oh yes your owned by the council,owned by the council etc. LOL.”
by warrenpark
Monday, August 06 2012, 10:41AM
“Judgeyourself, to quote from a song I like sung by Ruthie Henshall - "you cannot change what's over but only where you go".”
by judgeyourself
Sunday, August 05 2012, 9:59PM
“buldhead if the market was not illegal why did Vale stop running it ?, I belive that it was one of your biggest sources of income at the time, boy the whinghing and crying about that was something to behold , the cry of how horrible and nasty the Council LOL.”
by lanternhead
Sunday, August 05 2012, 9:47PM
“the vale market wasn't illegal but to some that is still a debatable point, the councils actions in closing it were illegal according to the minister in charge at the time, so if you want to dig it out it's there for the finding amongst the plethoria of public records of the time.”