Thu, 15 Mar 2012 | ADMINISTRATION
Administrators for Port Vale Football Club have told potential buyers of the club that they would like to see final offers for the club made by next week.
The Staffordshire Sentinel has reported joint administrator, Gerald Krasner, as stating that they cannot afford to waste any time in selling the club, as it currently only has enough money to remain in administration until the end of this football season.
“Time is of the essence because we want to finish this process by the end of the season. After that, it is all expenditure with no income,” Mr Krasner said. “It is likely we will fix a closing date for offers. I would like to see final offers sometime next week.”
He added that any offers must be enough to satisfy the creditors of the club, which is some £3 million in debt. It has been reported that WaterWorld owner Mo Chaudry and Staffordshire firm International Piping Products are considering making bids, as well as another anonymous bidder.
The administrators want to be able to name a preferred bidder for the club by 10 April. Once a preferred bidder is named, the administrators will then call a meeting of the creditors to try to strike a company voluntary arrangement to suit the creditors.
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