In a statement on the official Port Vale FC website, potential owner Keith Ryder has assured supporters that he “hopes to have [his takeover] completed at the earliest opportunity.”
The Valiants entered administration under the control of Begsbies-Traynor on the 9th March and less than a month later, Ryder was named as the club’s preferred bidder. After winning approval of creditors at the end of April, it was widely expected that Football League approval of the takeover would be a formality.
But at the end of May the League asked for more documents to be provided. Nevertheless, despite the delay, the deal was still expected to be completed on or around the 22nd of June, but instead the Football League revealed that they were still awaiting those documents from the club and Ryder.
The sticking point appeared to be a covenant over the commercial development of Vale Park and when Stoke-on-Trent city council agreed to the covenant’s wording on the 26th June, once again, it was widely expected that Football League sign-off would be imminent.
However, it is now almost three weeks from documents being sent to the Football League, and the takeover has still not been approved. This delay and the lack of updates from club administrators Begsbies-Traynor has lead to several rumours circulating about the deal.
Ryder has now responded by issuing a statement in which he attempts to reassure fans that all is well with his takeover attempt.
Ryder told the official website: “The process is taking longer than initially expected but deals of this magnitude have to be thorough.
“We are liaising with the Football League about necessary paperwork and hope to have this completed at the earliest opportunity.
“I understand how frustrated everyone is but all parties are working hard to complete the deal. Until that time, there is little we can update on and I would appeal for everyone to stay positive.
“We are approaching a brand new era and it’s important that everyone pulls in the same direction.”