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ELDERBEZZA

Ground Covenant

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Can someone please clear up the situation regarding the 25yrs covenant that the council activated when we came out of administration? My fear is that Smurthwaite separated the ground to protect HIM and not Port Vale. If no Port Vale, he's got the land! !!!

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Can someone please clear up the situation regarding the 25yrs covenant that the council activated when we came out of administration? My fear is that Smurthwaite separated the ground to protect HIM and not Port Vale. If no Port Vale, he's got the land! !!!

 

Has to be used for football reasons... however I dont know what this means if Port Vale FC didn't exist...

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It only protects the club if the intentions of the owner are to protect the club if it fails. Otherwise it protects the owner.

 

It would be interesting to know whether the ground was purchased at market rate, because if not I think should the club fail then Smurf may be liable for the value of the ground anyway?

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It only protects the club if the intentions of the owner are to protect the club if it fails. Otherwise it protects the owner.

 

It would be interesting to know whether the ground was purchased at market rate, because if not I think should the club fail then Smurf may be liable for the value of the ground anyway?

 

The ground is owned by Mr Smurthwaite's company, Alchemy Land. The company's first accounts following the purchase of the club show that a loan of £700,000 from Falcon Alliance (another NS company) was given to purchase freehold property - we can only assume this is what was paid for Vale Park.

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I don't know if the covenant is time limited.

 

The lease that the football club has with Alchemy Land is 25 years commencing November 2012.

 

The stadium and the club were purchased by separate companies from the administrators.

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Has to be used for football reasons... however I dont know what this means if Port Vale FC didn't exist...

 

We're not using it for football at the moment, so not sure whether the Council are going to sue us?

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So, if Port Vale Football Club no longer exists, does it mean the covenant doesn't exist, as football purposes cease?If so, nice one Norman, you've stitched us up. You'll have the land that the stadium is on for development. It only protected the Norman Smurthwaite investment and don't be fooled by the statement of his protecting Port Vale!

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So, if Port Vale Football Club no longer exists, does it mean the covenant doesn't exist, as football purposes cease?If so, nice one Norman, you've stitched us up. You'll have the land that the stadium is on for development. It only protected the Norman Smurthwaite investment and don't be fooled by the statement of his protecting Port Vale!
I think it means the ground, from memory "sporting purposes" was the term, hopefully someone with a copy can confirm.

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Should Vale cease to exist (abhorrent to us fans, but not to NS) how long would it be before the council cancel the covenant - with Smurthwaite's blessing? Would the thought and sight of yet more land being unused and becoming derelict sway them towards this outcome?

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Should Vale cease to exist (abhorrent to us fans' date=' but not to NS) how long would it be before the council cancel the covenant - with Smurthwaite's blessing? Would the thought and sight of yet more land being unused and becoming derelict sway them towards this outcome?[/quote']

 

TBH, I couldn't see it happening, the council wouldn't allow it I'm sure. There would be uproar and Port Vale is huge part of the Burslem community, without it it'd be the death of the town. I don't think that Smurf wouldn't shut us down I just think that the council would ensure that the ground could only be used for it's current use although to be fair there's not been too much sporting activity on it for quite a while.

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