Latest Port Vale accounts show that club owes £3m in director loans

Latest Port Vale accounts show that club owes £3m in director loans

The latest accounts filed for Port Vale FC show that the club owes £3m of directors’ loans to owner Norman Smurthwaite.

The accounts cover the period to June 2016 with the latest figures set to be even higher.

A note on the accounts posted at Companies House says: “Within creditors is an amount of £3,088,087 owed to Mr Smurthwaite, on director’s loan account. The company continues to pay its debts as and when they fall due. The company continues to receive the support of its director by way of him not withdrawing monies owed to him and the introduction of funds as and when necessary.”

However, many supporters will be concerned at the rapidly rising amount of debt that the club is accruing. Even though the owner is keen to sell the club, any price that includes the directors’ loans could be putting off realistic bidders.

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