Admin may now be Monday £600k loan

[Fosse69]

http://www.thisisstaffordshire.co.uk/ll-try-save-Valiants/story-15375751-detail/story.html

 

May also need £600K loan

[CambridgeDon]

BBC Sport just reporting that Council has instructed its officers to explore putting the club into administration.

 

http://www.bbc.co.uk/sport/0/football/17230886

[Fosse69]

http://www.thisisstaffordshire.co.uk/ll-try-save-Valiants/story-15375751-detail/story.html

 

May also need £600K loan

 

It is understood Vale may need a council loan of around £600,000 to keep the business running and fund the cost of administration.

 

But confusion over the precise amount needed is delaying a final decision until at least Monday

[Fosse69]

Does that mean we have to pay off the Gib loan to finish the season?

[wolvesvaliant]

the council lead us 90 grand, we pay off HMRC and the struggle continues.......

[Stafford Valiant]

When they say 'some assets will be sold'.... could someone explain what those assets might be and how that would work?

 

I understand the admin/liquidation piece, but if we went into admin, what assets would could be sold off and to whom?

[fairportnick]

When they say 'some assets will be sold'.... could someone explain what those assets might be and how that would work?

 

I understand the admin/liquidation piece, but if we went into admin, what assets would could be sold off and to whom?

 

Could sell off the amount owed on unpaid shares to a debt collector at a discount and let them collect it.

 

A number of years ago I had a phone call from a debt collection firm asking if we wanted to use them . I asked him, rather flippantly, if he sent in 4 large gentlemen with baseball bats , his reply "Yes we do sir".

[butt lane vale fan]

When they say 'some assets will be sold'.... could someone explain what those assets might be and how that would work?

 

I understand the admin/liquidation piece, but if we went into admin, what assets would could be sold off and to whom?

 

Basically means if you go in your Vale shirt on Tuesday, you'll be left in the nude whilst having to bring your own deckchair.

Sorry, just trying to stay positive.

[Central Scrutinizer]

When they say 'some assets will be sold'.... could someone explain what those assets might be and how that would work?

 

I understand the admin/liquidation piece, but if we went into admin, what assets would could be sold off and to whom?

 

Probably things like the training ground and Tommy Cheadles, or if the worst comes to the worst, the ground itself which will be rented back to us.

[GrattyVale]

When they say 'some assets will be sold'.... could someone explain what those assets might be and how that would work?

 

I understand the admin/liquidation piece, but if we went into admin, what assets would could be sold off and to whom?

 

The only thing i can think of is players.

[Central Scrutinizer]

The only thing i can think of is players.

 

But it's outside the transfer window.

[Warren]

the council lead us 90 grand, we pay off HMRC and the struggle continues.......

 

What can happen is that other creditors join with the HMRC in the Statutory Demand and the Winding Up Order. It is therefore good the Council as the biggest creditor won't do that, but others might. I would imagine the Gibraltar based lender would not hesitate if it's loan due for repayment isn't repaid. What I am curious about is how due diligence by them didn't lead to them refusing the loan and if they carried on why?

[Markie G]

Basically means if you go in your Vale shirt on Tuesday, you'll be left in the nude whilst having to bring your own deckchair.

Sorry, just trying to stay positive.

 

What every you do. Do not take your car to a protest never mind taking the reg they will take the whole ****** thing.

[Phil]

Central Scrutinizer

Senior Member

 

 

Join Date: Jul 2011

Location: Usually somewhere between the Premier League and the EvoStik

Posts: 431 Quote:

Originally Posted by GrattyVale

The only thing i can think of is players.

 

But it's outside the transfer window.

 

You can still send players out on loan though to reduce the wage bill - Portsmouth have.

[Warren]

Probably things like the training ground and Tommy Cheadles, or if the worst comes to the worst, the ground itself which will be rented back to us.

 

My best perspective on this is that a new owner comes in and his / her investment clears the non Council creditors. They are then able to put together a business plan that is profitable and can include the continued normal repayment of the Council loan.

 

The Council does not want a football ground and a situation where it leases it. I guess the Council could take the ground, if Port Vale is liquidated, then change planning use and demolish so that it can be used for retail, business or residential development. Not sure of even the economics of that being worthwhile though.

 

I hope for a lot!