Port Vale FC say they have entered a “confidentiality and exclusivity” agreement with bidders Carol and Kevin Shanahan.
The bidders are looking to purchase both the football club and the Vale Park stadium – currently the two are separate companies.
A statement reads:
Port Vale Football Club would like to confirm that they have reached a “significant” point in the process of finding a buyer.
The Club has entered into a Confidentiality and Exclusivity agreement with Carol and Kevin Shanahan regarding the purchase of the Club and Vale Park in their entirety.
Both parties will now work together diligently to progress this process over the next 5 weeks. Port Vale Chief Executive/Secretary Colin Garlick said on behalf of the Club and the Shanahan’s:
“There has been a great deal of dialogue between the two parties over the last 10 days to reach this important point. There is still much work to be done as Carol and Kevin work through the legal process and the English Football League compliance procedure. I, along with my staff, will be doing all we can to help them during this time.”
No further statement or communication regarding the sale will be made by either party while the process is ongoing.