Keith Ryder is now just two steps away from taking control of the club after major creditors Stoke-on-Trent city council approved his bid.
The council met on Wednesday night and voted through an offer from Ryder.
The deal will reportedly see Ryder pay the council a £1.3 million lump sum.
The council is owed £1.86 million from the original 2006 loan deal and expects the total cost of administration to be almost £1 million – meaning an overall loss of £1.5 million.
The deal was backed by 38 of 41 members present. It will include safeguards for Vale Park’s future use as a football stadium and its council-run children’s centre.
Council leaders argue that opposing the offer and allowing the club to collapse into liquidation would have cost taxpayers more as Vale Park, against which part of its debt is secured, is only worth £1 million.
Now Ryder needs to win approval at Thursday’s creditors’ meeting (which would now seem likely if Stoke-on-Trent city council, the major creditors are in favour) and finally receive backing from the Football League.
Ryder also has the backing of the Port Vale Supporters Club who hailed talks with the new owner as “extremely encouraging.”