Begbies Traynor appointed as administrator to Port Vale

BOB Young, Gerald Krasner and Steve Currie of Begbies Traynor have been appointed joint administrators of Port Vale Football Club following an order made by the High Court in Birmingham.

The League Two club was deducted ten points after administration was confirmed on Friday following an application at the High Court earlier in the week by Stoke-on-Trent City Council.

“Administration will allow us to stabilise the business in the coming weeks while we look for a buyer, and investigate the underlying reasons for the failure of the business,” said Young.

“The club continues to trade and we hope that the team’s recent run of good form will continue. In the meantime we will continue to have dialogue with the club’s stakeholders with a view to securing the future of the club and invite any potentially interested parties to make contact with us.”

The Burslem club is currently under a transfer embargo and staff and players have only been paid 25% of their wages.

At the hearing Judge Barker QC said: “In some ways this is a very sad matter.
“The sale of a football club is never easy. Hopefully when it rises, it will flourish.”

In a statement released after the hearing, Stoke-on-Trent City Council said: “Mohammed Pervez, leader of Stoke-on-Trent City Council, has today confirmed that the High Court in Birmingham has granted the council’s application to place Port Vale (Valiant 2001) Football Club Limited in administration.

Potteries entrepreneur Mo Chaudry, who had an offer of £1.2m for 54% of shares turned down last summer is reported to be watching developments at the club closely.