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.