Port Vale board backed at AGM

Port Vale board backed at AGM

The seven key board members were backed unanimously by shareholders to continue their roles on the Port Vale board.
Key points to emerge from the group’s first AGM since taking control at Vale Park were:

* With regards to the ongoing court case over the former club shop. Former Chairman Bill Bell (who is also the landlord of the shop) has asked for a ridiculous sum of £750,000 to buy the premises (leaking roof and all). As board members pointed out, new premises would only cost an estimated £200,000

* The board has secured a ten year loan for the purchase of the club at a fee of £1m. The board pointed out that this is around £400,000 more than their estimated value of the club but the extreme circumstances regarding the club’s future while in administration and bids from other parties had raised the price significantly. There will also be a £225,000 fee due to the adminstrators.

* Bill Bratt said there was a three-year plan to get the Valiants into profit with efforts to break even this season seemingly on course.

* The board pointed out that some unexpected issues had lead to some of the money put aside for the day-to-day running of the club being used up. Those issues included the leaking Lorne St stand roof, the buy-out of the Anthony Gardner transfer clauses and several other factors.

* Each board member outlined to the share holders what their role at the club would be.

* The board urged more fans to buy shares in the club to help the Valiants move forward and to have their say in the running of the football club.

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