Administrators: two bids in the frame

Administrators: two bids in the frame

Port Vale administrator Gerald Krasner has told the Sentinel newspaper that two bids are in contention for preferred bidder status.

The deadline for bids to take over the club passed on Monday and the administrators confirmed that five bids were received. Of those, two are frontrunners to be named as the administrators’ preferred bidder.

Krasner told the Sentinel: “We’ve received a number of bids that we have looked at.

“At the moment we believe the race is between two parties – they are not dissimilar offers, but they are of a slightly different nature.

“We considered them very seriously yesterday, will do so again today and we will hopefully reach a decision.

“If we do, we will announce who the preferred bidder is at a press conference tomorrow morning.”

The successful candidate will then pay a five-figure deposit to progress to the next stage of completing the takeover deal.

Any deal will also need to be formally approved by the club’s creditors, as part of a Company Voluntary Arrangement, and then by the Football League.

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