Port Vale: Administrator stunned by Keith Ryder's about-turn
ADMINISTRATOR Bob Young believes three of six parties interested in buying Port Vale are serious contenders to take over the club.
The Valiants are back on the market after prospective owner Keith Ryder, a Lancashire-based businessman, failed to complete the £1.3m deal he had agreed.
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Administrator Bob Young
Six potential buyers have emerged, with five currently carrying out due diligence as they ponder whether to follow up their interest.
Young, of insolvency specialists Begbies Traynor, said: "There is a sixth party who has asked for more details and I believe three are already taking it very seriously.
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"There is no urgency with the time scale now the season has started. It is more important we get it right and make sure this party has the money to seal a deal.
"We would never say never, but I have not spoken to Keith Ryder since I held a meeting with supporters on August 6 when he was still promising he could complete.
"In the 38 years since I first became an insolvency practitioner I have never been in such a scenario before where you get so far down the line and a party disappears.
"It has meant we have had to go more hands-on in running the business, but the morale seems high at Vale Park regardless of administration, and that is a credit to Micky Adams."
Ryder paid £20,000 to cover Vale's pre-season trip to Ireland, a £60,000 non-refundable deposit and half of the club's estimated £180,000 monthly wage bill for July. He is not expected to receive a penny back.
On the pitch, Vale host Torquay United today looking for their third win in four games at the start of the League Two season.
Wide man Rob Taylor (calf), centre-half Gareth Owen (hamstring) and right-back Adam Yates (knee) are all fit again and come back into contention for manager Adams' starting line-up.
Young, who says Vale need crowds of more than 5,000 to break even this season, is hoping for a bumper gate.
He added: "We've got three home games over the next few days with Torquay, Tranmere in the Johnstone's Paint Trophy and then Rotherham next week, and hopefully we will see some decent attendances."
Comments
by kilipo2001
Sunday, September 02 2012, 7:07PM
“does KR really excist. or was he a figment of someones imagination, no proper traceable business dealings other than lots very very short term poky accounting jobs, what a D***”
by P_Swan
Saturday, September 01 2012, 2:53PM
“If 3 out of the 6 are not 'serious' bidders why not tell them to raise the bid or walk the walk.
Why say 6 if only 3 are useful?”
by MelvBoslem
Saturday, September 01 2012, 12:06PM
“Laythevale.
There would have been no need for SEO had the board listened to shareholders.Remember the famous " if you want a voice then buy shares".Many did just that.I remember after the EGM when the board ignored the vote of no confidence and Glenn saying to people outside that he was trying to save the club from people like them.The very same people who were there as shareholders.So once they had your money for the shares they simply didnt care what you said or wanted they only cared for themselves,no one else.The very same board were warned about the likes of Deakin,Miller,BSI and ameriturf.But they insisted that they would all be good for the club.But yet again they ignored the shareholders/fans etc.Can you see the common link?”
by laythevale
Saturday, September 01 2012, 11:39AM
“Keith has lumped £110k into the Vale with nothing coming his way in return. His personal problems must be acute for him to write off that much cash. Won't stop the abuse merchants using it as an excuse to bad mouth someone though, will it? The best THEY could come up with was the SEO campaign. 2 years with 800 boycotters(SEO figures) x £250 is around £400k by my calculations. Vale went under for an unpaid tax bill of £190k.
And they talk about contrition.....”
by MelvBoslem
Saturday, September 01 2012, 10:04AM
“Good morning Bob Young.Was it the smell of coffee that woke you up?
You picked him as preferred bidder,you kept telling us he would come good.We are still waiting.Lets hope that after those 38 years you have learned a lesson.”
by JasonLowe
Saturday, September 01 2012, 9:52AM
“Let's have a little contrition Mr Young....You and your associates clearly backed the wrong horse, and put the very existence of Port Vale FC under threat in the process.”