Port Vale FC have released a statement that confirms the club have applied to enter administration for the second time in their history.
The club have asked for Bob Young, Steve Currie and Gerald Krasner of Begsbie Traynor to be the joint-administrators of the club.
The club statement reads:
“Our first priority is to look at every aspect of the operation of the business in order to stabilise the business and allow the club to remain trading until at least the end of the season.This can only be done by reducing all outgoings and costs in a considered and organised manner until they are covered by the known income that will be generated by the club over the coming months until the season ends in May,” Mr Young told the official Port Vale website.
“Once the initial exercise of stabilising the business has been completed, we will be looking to initiate conversations with potential buyers for the club, and hope that this process will deliver an offer that can be considered by the creditors of the company.
“During the course of our duties, we will establish the underlying reasons for the failure of the business, and we will investigate any matters that are brought to our attention,” he concluded.