Port Vale’s £277,000 mortgage on Vale Park broke the terms of their agreement with the city council, the Sentinel has disclosed. The revelation means that had the club been forced to repay their £2.25 million loan agreement with Stoke-on-Trent council then the entire future of the club could well have been in severe doubt.
Interim Chairman Mike Lloyd his position on the Port Vale board is “tenable” despite admitting he didn’t know about the club’s £277,000 loan recently and controversially secured on the Vale Park stadium.
Outgoing CEO Perry Deakin has contradicted previous statements from then-Chairman Mike Lloyd and claimed that the £300,000 mortgage on the ground is needed to keep the cash-strapped club afloat. Deakin told the Sentinel newspaper: “The loan is worth £277,000 and the money will be used to pay for the day-to-day running of the club from […]
The official Port Vale Supporters Club have criticised the “misleading” financial information which has come from the club’s board and are concerned that fans are again being “misled” The group have issued a statement on Wednesday 28th December which reads as follows.
Port Vale Online have revealed that Perry Deakin and Peter Miller have REMORTGAGED Vale Park to try and raise money to pay for their shares. The mortgage was lodged with Companies House on Christmas Eve and was for £300,000.