A club statement by club owners Kevin and Carol Shanahan has confirmed that the final instalment due to former owner Norman Smurthwaite has been made.
A statement on the official website explained:
We purchased Port Vale FC and Vale Park from Norman Smurthwaite on 7th May 2019.
The agreement was for an initial payment to be made by cash and the remainder in instalments over the next 3 years.
This was guaranteed by a charge on Vale Park plus a debenture on the club.
Today the final payment was made and therefore this charge and debenture have both been released.
The first three years of our tenure have been challenging but rewarding and we are both proud and delighted with the progress the club is making.
We are only just getting started and would like to thank our supporters, our sponsors and partner organisations for their unwavering support as we continue work to make Port Vale a footballing and commercial success, a beacon within the industry and a club we can all be proud to call our own.
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