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Reporting local life since 1854
Thursday, April 12, 2012
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‘WE WON’T COPY TOON TRANSFER POLICY’
TAXPAYERS LOSE £1m ON VALE
BY ALEX CAMPBELL
alex.campbell@thesentinel.co.uk
TAXPAYERS face losing more than £1 million after Port Vale went into administration, as creditors look set to receive 3p for every £1 they are owed. Businessman Keith Ryder is to spend £1.4 million to buy the football club and pay off a portion of its £2.7 million debts. The bulk of that debt is the £1.859 million the club owes Stoke-on-Trent City Council, which is secured against Vale Park. But the authority has now been offered £800,000 to sign over rights to the freehold, which it held as security in case the club went out of business. That would leave slightly more than £1 million as an unsecured debt alongside cash owed to other creditors, all of which is set to be paid off at 3p for each £1 owed. No arrangements have been disclosed about the £200,000 city council bailout provided to cover the cost of administration, but it is unlikely to be repaid in full. If the Labour-run council had not stepped in, the club faced liquidation SPECIAL MEETING: Mohammed Pervez.
Club’s creditors will get just 3p in the £1 and would have ceased to exist, putting the entire council debt in jeopardy. Council leader Mohammed Pervez confirmed the council has received documents from administrator Begbies Traynor outlining details of a company voluntary agreement to bring the club out of administration and into new ownership. He said: “We want to assure taxpayers, fans and the club that we will be moving swiftly to give it our utmost attention.” Mr Pervez will chair an urgent meeting of cabinet members tonight to discuss the proposals. An extraordinary full council meeting has been called to debate the takeover on April 25, a day before creditors will be asked to provide approval for the administrator’s preferred bid. Mr Pervez added: “ I have asked for a special council meeting so all members can discuss the situation.” The amount the council is owed dates back to a £2.25 million loan deal signed
in 2006. Lancashire businessman Mr Ryder, who has put down a £60,000 deposit as part of the proposed deal, is expected to sign a clause with the city council committing to maintaining Vale Park as a football site. Administrators say any other costs saved in the process will increase the amount paid out to creditors. An exception on the 3p proposal will be made to pay in full £2,628 owed to four employees made redundant by the administrators The players will receive their wages in full as part of a football creditors bill of £97,726 which is being paid by Keith Ryder. Other major creditors include Gibraltar-based Continental Solutions which is owed £277,734, relating to a mortgage taken out by the previous Vale administration. Councillor Dave Conway, leader of the opposition independent group, said: “We have got to get the best deal possible.”
What do you think? Email us at letters@thesentinel.co.uk
VALIANTS STAR DENIES RAPE CLAIM SEE PAGE 5
BACK PAGE
13 conditions on M&S store PLANNING chiefs want to impose a string of conditions before allowing Marks & Spencer to build a new store and create 250 new jobs. The firm has earmarked Wolstanton Retail Park for the major development. But Newcastle Borough Council wants M&S to guarantee being there for five years and to re-open a Simply Food store in the town centre before granting approval. See Page 2
Arrest is made after stabbing A 27-YEAR-OLD has been left with multiple stab wounds after a fight in the street. The injured man, said to be a taxi driver, was involved in the brawl in Lightwood. He remains at University Hospital while police question a 43-year-old man in connection with the incident. See Page 3
Ageing bobbies at risk of injury FEARS have been raised about the age of police officers in Staffordshire. Only 17 of the force’s 1,951 bobbies are under 25, with the majority aged between 41 and 55. It has sparked concerns that ageing officers could be more susceptible to injuries when tackling criminals. See Page 14
100s OF HOMES FOR SALE Inside today’s
New owner is Vale creditor: Back Page
Wedding Fayre on Sunday 29th April 11.00am to 4.00pm
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