Port Vale’s £277,000 mortgage on Vale Park broke the terms of their agreement with the city council, the Sentinel has disclosed. The revelation means that had the club been forced to repay their £2.25 million loan agreement with Stoke-on-Trent council then the entire future of the club could well have been in severe doubt.
The club have claimed that the loan was solely undertaken by then-chairman Peter Miller with vice-chairman, Mike Lloyd claiming that the rest of the club board knew nothing of the loan until ten days after it was registered with Companies House.
Mohammed Pervez, leader of the Stoke-on-Trent city council, told The Sentinel it would not be in the authority’s interest to take “drastic steps” that might jeopardise the club’s future. Instead, he said the council would continue to monitor the “delicate” situation while protecting public money.
Vale Supporters’ Club chairman Pete Williams claimed the latest revelation showed how poorly the club was being run.
He told the newspaper: “I find it appalling that Mr Miller has taken out this loan without the other directors knowing about it.
“It shows how poorly the club is being run if the chairman can take such a major decision which should surely have only been taken following a vote at board level.
“By taking out the loan Mr Miller has put the club’s future in further doubt, especially if he didn’t seek approval from the council.”