Wed, 07 Mar 2012 | ADMINISTRATION
Port Vale Football Club has confirmed that it is to enter administration for the second time in just over eight years.
The club, which plays in the npower League Two, was put under a transfer embargo at the end of last month after problems with a tax bill reached breaking point.
The club has now posted an official statement on its website, confirming that the club’s directors have applied to the High Court in Birmingham to have Bob Young, Steve Currie and Gerald Krasner of Begbies Traynor appointed as joint administrators.
"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,” the statement said. "Once the initial exercise of establishing the business has been completed, we will be looking to initiate conversations with potential buyers for the club, and hope that this process will deliver an offer that can be considered by the creditors of the company.”
The unpaid income tax bill has caused the club significant problems with its creditors in recent weeks. It missed a £19,616 payment on its £2.25 million loan from Stoke City Council and is also being sued by shirt sponsor, Harlequin Property, over a £125,000 loan.
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