Port Vale move to appoint administrators as debts climb
Wednesday 07 March 2012
Port Vale are to go into administration for the second time in just over eight years. The League Two club was placed under a transfer embargo last month, which prevented Chris Birchall from making his return for his hometown club against Northampton on 25 February.
An unpaid income tax bill has led to a number of creditors contacting the Vale Park club, including Stoke City Council – who have a loan worth £1.8m outstanding with the club.
A statement on the club's official website yesterday said: "An application for an administration order has been made to the High Court in Birmingham today to appoint Bob Young, Steve Currie and Gerald Krasner of Begbies Traynor as joint administrators of Port Vale (Valiant 2001) Football Club Ltd from Friday 9th March 2012."
The statement continued: "Our first priority is to look at every aspect of the operation of the business in order to stabilise the business and allow the club to remain trading until at least the end of the season.
"This can only be done by reducing all outgoings and costs in a considered and organised manner until they are covered by the known income that will be generated by the club over the coming months until the season ends in May."
Vale have put themselves in contention for a play-off place in recent weeks on the strength of a seven-match unbeaten run. However, the 10-point penalty that accompanies administration would end their promotion hopes, although they would not be in any immediate danger of falling into the relegation battle.
Latest in Sport
Manchester City, Manchester United and Chelsea top the list of the Premier League's most expensive squads
Mario Balotelli scored as many goals for AC Milan on second debut as he did for Liverpool in the Premier League last season
Cyprus vs Wales match report: Gareth Bale's bullet header has Welsh on brink of Euro 2016
Jose Mourinho: Chelsea manager has four Guinness World records hanging in his office
Sir Alex Ferguson: 'I place discipline above all else and it might have cost us several titles...' but Manchester United boss wouldn't change it
- 1 What marriage would look like if we actually followed the Bible
- 2 President Obama leaves touching comment on Humans of New York photo from Iran
- 4 The Chinese city where men have 'three girlfriends because there are so many women'
- 5 'Heartbreaking' Syria orphan photo wasn't taken in Syria and not of orphan
Britain to take more refugees as Cameron bows to pressure after more than 250,000 back our campaign
Senior British politicians tell David Cameron: When dead children are being washed up on beaches – it's time to act
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Refugees welcome: More than 250,000 sign Independent petition calling for Britain to 'take its fair share'