Mon, 27 Feb 2012 | BUSINESS NEWS
Staffordshire’s Sentinel newspaper has reported that Port Vale Football Club appears to be on the brink of administration, after facing further financial difficulties due to an unpaid tax bill.
Shareholders are staging an Extraordinary General Meeting on Tuesday, March 13, to assess the situation, after the club’s latest financial problems saw a transfer embargo placed on the club’s players by the Football League.
Recent weeks have seen the club miss payment of a £19,616 instalment of the £2.25 million loan they have from the local city council. The club is also being sued by its key shirt sponsor, Harlequin Property, over repayment problems with a £125,000 loan, and has taken out a £277,000 mortgage on the home ground, Vale Park, through the Gibraltar-based lender, Continental Solutions.
Fans and shareholders are said to be very much aware of the potential for the club to enter administration, with some stating that it would be preferable for it to happen sooner rather than later, so that the club can get on with recovery.
Local shareholder, Barry Green, told The Sentinel, “Everywhere you look we are either owing money or being sued and it looks like we are heading for administration. I would rather we do it this season now we have enough points to avoid relegation when they get deducted.”
The club’s vice-chairman, Mike Lloyd, has issued a statement acknowledging a shortfall in revenue due to increased costs and falling attendances, but neither he, nor club chief executive, Perry Deakin, have commented directly on the club’s future.
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