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Keith Ryder Announced as Prefered Bidder for Port Vale

Wed 4th Apr 2012 | Clubs Ownership

Administrators of Port Vale Football Club have announced Lancashire businessman, Keith Ryder as the preferred bidder for the club.

A statement released by the club today read; “The joint administrators are pleased to announce that after considering the five bids received for the Football Club, they have come up with a preferred bidder.

“The preferred bidder is Keith Ryder, who is seeking to acquire the club through a new company - Port Vale FC Limited. The Joint Administrators are currently negotiating with the preferred bidder, a non-refundable deposit, which will grant them exclusivity to continue with the purchase. It is likely to be received some time this week.

Unable to attend a press conference at the club this morning a statement was read out on his behalf by the administrators

"We at Port Vale FC are happy to be named as the preferred bidder for Port Vale Football Club.

"We are excited about the future of the Football Club and believe the Club currently has the basis infrastructure to become a Championship Club.”

Port Vale were placed in administration in March after they were issued a winding up petition by HMRC over unpaid tax. The club also faced action over unpaid loans.

"There are many things that need to be done at the Club after what has been a difficult time on and off the pitch. We want to get things right, and that will take time,” the statement by Ryder continued.

"We need to ensure that the Club has a sound base for future growth and development.

"We will invest in the Club on the playing and non-playing side to ensure the Club has the right ingredients to achieve what it is capable of.

"We look forward to working with the Manager and staff at Port Vale, together with the supporters, all of whom have been through a torrid time of late, but continue to support the Vale.

"We will look to meet with supporters and other stakeholders in the coming weeks. We hope that fans will continue to support the Vale and together we will bring back the glory days to Burslem."

It is now intended that the Joint Administrators' Proposals and CVA documentation will be available to all creditors shortly after the Easter break and that the appropriate meetings to consider these will be held on Thursday 26 April 2012.

It is not intended to release details of the quantum of the offer until after creditors have been informed of this in the paperwork to be sent out next week.

 Posted by: Aaron Gourley



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