Young: Three bids have been submitted

Young: Three bids have been submitted

Administrator Bob Young has told an open fans meeting that three bids have been formally made to take over Port Vale FC.

Young, along with fellow joint-administrator Gerald Krasner, answered questions from an audience of around 350 supporters at an open fans’ meeting held at Vale Park on Wednesday night.

The bids don’t include businessman Mo Chaudry or Staffordshire firm International Piping Products.

“We have three offers already and we’re talking to three other parties with a couple of those likely to make bids,” said Young.

“We will set a closing date for bids either tomorrow  night or Monday at midday.

“<span class=”pullquote”>I believe the bids we’ve received are adequate, so it’s  a case of us making sure that they have got the money.</span>

“We’ve asked the people who have already submitted bids to send us proof of funding.

“I don’t know the people who have submitted bids, but we’re doing research on them and their companies to make sure they comply with Football League rules.”

Young still expects Chaudry to make an offer, but he is less certain about IPP staying the course.

“Gerald and myself talked to Mo’s solicitor yesterday afternoon and the impression we get is that he will submit a bid,” added Young.

“I think IPP have been a little bit surprised over the media coverage, the amount of hits on their website and the amount of management time  involved.

“They are still talking to us, but I don’t know if they will come back with a bid.

“It would be a relatively small part  of their empire in turnover terms, but it might be quite a big drain on their  time.”

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