Port Vale sale: Stoke-on-Trent Council calls for bidders
- Published
Port Vale entered administration in March after being hit with a winding-up petition
Stoke-on-Trent City Council has backed a decision to allow more bidders to come forward for Port Vale FC.
The League Two club entered administration in March after being hit with a winding-up petition on an unpaid tax bill and concerns over other debts.
In April the council, one of the club's major creditors, agreed to write off 拢1.5m of its 拢2.8m loan to the club.
Port Vale is up for sale again after preferred bidder Keith Ryder failed to complete the deal.
Over recent months the council has also paid 拢440,000 to help administrator Begbies Traynor keep the club running.
'Good of city'
The authority said it expected the money to be repaid once a sale had been completed and added it would not be making any more payments this season.
The move to encourage new bidders was agreed at a full council meeting on Monday.
Council leader Mohammed Pervez said: "The administrators will continue to run the club to the end of the season if necessary, without any further financial support from the city council."
He added he wanted to see Port Vale "thrive for the good of the city".
- Published26 April 2012
- Published12 April 2012