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League 2


At least three bidders for Vale

Three bids have already been made for Port Vale FC and more might well come in.  At present neither former director Mo Chaudry or local firm International Piping Products have made a bid.

Joint administrator Bob Young told fans at an open meeting, "We have three offers already and we're talking to three other parties with a couple of those likely to make bids," said Young.  "We will set a closing date for bids either tomorrow night or Monday at midday.

Boost for Argyle

Plymouth Argyle have raised more than £700,000 in extra funding.  A firm run by owner James Brent, director Richard Holliday and lawyer Anthony Vaughan has bought land at Home Park for £425,000 with Brent taking a 82.5 per cent stake in the firm.   Holliday and Vaughan have also bought shares worth £275,000.

The Akkeron Group has also agreed that it will build a new grandstand at Home Park to replace the Mayflower Stand at no charge to the club or give Argyle 50 per cent of the profit it receives from the development if it fails to build the structure.

Does Hereford want a Football League club?

Does Hereford want a Football League or Conference side?   That is the question that has been posed by chairman David Keyte.   The club is currently averaging crowds 330 below budget which would mean losing £22k over the remaining five home matches.

He noted that the club had been run on a shoestring under the previous regime, but suggested that there had been a lack of investment in the ground.   Plans for both ends of Edgar Street were under discussion.

Significant interest in Port Vale

There has been significant interest in taking Port Vale out of administration.   Staffordshire-based firm International Piping Products have confirmed that they have had initial talks with administrators Begbies Taylor.   Local businessman Mo Chaudry, who failed in a bid to buy Vale in 2011, is also interested in investing.

Port Vale to enter administration

As anticipated Port Vale are to enter administration following a court application by Stoke-on-Trent City Council.   The club has an outstanding loan with the council and have not kept up with repayments. There are also other creditors including Revenue and Customs.

Despite the fact that it will result in a ten point deduction and end the club's play off hopes, the news was generally welcomed by fans at last night's game.   They saw it as offering a much needed new start to the club.

Winding up petition at Port Vale

Port Vale have been served with a winding up petition by Revenue and Customs over an unpaid tax bill. The club failed to pay players' wages for February.

Vale last went into administration in 2002.   In 2008 singer Robbie Williams invested £240,000 in the club.

Crisis deepens at Port Vale

The crisis facing Port Vale has deepened after chairman Peter Miller resigned from his position as a director at the club.   This means that Port Vale have fewer than the four directors required by law for the club to function properly.

Miller had been widely criticised by supporters after he accepted payment for a position that did not use to be paid.   Shareholders would have had the chance to oust him at an extraordinary general meeting on March 13th, but that has now been postponed.   

Profits boost for Gulls

It's not easy to make a profit at a League 2 club, but that is what Torquay United have done after two years of big losses.     The Gulls made a loss of £711,414 in 2008-9 and £681,430 in 2009-10, but last season they managed to make a £116,582 profit.

Vale late with loan repayments

Port Vale have been late with two monthly repayments on a £2.25 loan from the local council.   The December instalment of £19,616 was paid almost a month late and the club have said that the January instalment will be paid when cash flow permits.   Around £1.8m is outstanding on the loan.

The council have made it clear that they do not wish to push the club over the edge, but have to pay attention to their obligations to council tax payers.

Ridsdale: I saved Argyle

Never one of football's shrinking violets, and now attempting to turn round Preston North End's finances, Peter Ridsdale reckons that it was his intervention that saved Plymouth Argyle from going bust.   There's certainly a book in his involvement at different clubs.