Vale owe £2.7m to creditors

Vale owe £2.7m to creditors

Creditors of Port Vale football club are set to receive 3p in the pound as a result of Keith Ryder’s proposed take-over of the club.

Businessman Keith Ryder is to spend £1.4 million to buy the football club and pay off a portion of its £2.7 million debts.

The bulk of that debt is the  £1.859 million the club owes  Stoke-on-Trent City Council,  which is secured against Vale Park.

But the authority has now been offered £800,000 to sign over rights to the freehold, which it held as security in case the club went out of business.

That would leave slightly more than £1 million as an unsecured debt alongside cash owed to other creditors, all of which is set to be paid off at 3p for each £1 owed.

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