Reporting local life since 1854 40pMonday, April 23, 2012

SEN

-eO1

-S2

[P]

[P]

RIP LORD ASHLEY OF STOKE

HANDS UPFOR ALOAN£550,000 shortfall in bid to buy club

BY ALEX CAMPBELLalex.campbell@thesentinel.co.uk

THE businessman poised to buyPort Vale has asked Stoke-on-TrentCity Council for another loan, ithas emerged.

Entrepreneur Keith Ryder’s £1.4million purchase of the club includesan £800,000 payment to the council forits rights to the Vale Park freehold.

But The Sentinel has learned the dealwould involve the city council receiv-ing only £250,000 now, effectively loan-ing Mr Ryder, a b ove , the rest of thecash – potentially over 11 years.

Ruling Labour members will meetin private tonight to decide whetherthe council should support Mr Ryder’sbid. Creditors will vote on thetakeover on Thursday.

Sources have confirmed thecouncil has been in negoti-ations to secure better termsahead of a final decision.

Mr Ryder is understood tobe attempting to raise asmuch up-front cash as pos-sible to try toreduce the £550,000

shortfall figure ahead of schedule.Administrator Begbies Traynor

have also asked the Professional Foot-ballers’ Association to cover the costof players’ wages for the next month toease the burden on taxpayers.

The council placed Vale in admin-istration as the club’s biggest creditorover a £1.85 million debt dating back toa 2006 loan. It is also funding admin-istration and club running costs.

Council leader Mohammed Pervezsaid the council could lose up to £1.4million in total.

But administrators insist the figurewill be lower and the city council willget back the £200,000 paid so far forrunning costs and administration.

Administrator Bob Young, b e l ow ,said: “It is the best possible deal. It willsee the return of the £200,000 the coun-cil has put in for running costs and it

will ensure a decent return on cap-ital – either immediately or in thefullness of time.

“We have already orchestrated ameeting between the club and

Keith Ryder to talk aboutgreater communityuse of Vale Park.

“It is the best return for taxpayersand in saving the club.”

The city council stepped in to saveVale and protect the money it is owedafter the club faced a winding uppetition from HM Revenue and Cus-toms, over an unpaid bill of almost£190,000.

Mr Ryder’s bid is described byadministrators as the “biggest andbest” of five received and fans gavetheir endorsement last week.

But any decision by the city councilto authorise another loan could provepolitically contentious against a back-drop of huge losses resulting from theoriginal deal.

Labour, who hold 34 of 44 councilseats, will have their decision con-firmed at a full council meetingincluding Conservative and independ-ent councillors on Wednesday.

Mr Pervez said: “I’m not in a pos-ition to comment on the structure ofthe preferred bid as the discussionsare still continuing.

“A special meeting of the full coun-cil will take place to talk through thedetails. It is important elected mem-bers make an informed decision.”

(1922 – 20 1 2 )

SEEPAG E S2&3

WHY DIDROCK STARRICK ENDUP FEELINGG RU M PY ?SEE PAGE 5

171 Ford Green Road, Smallthorne ST6 1PF

Celebrating5 yearsLevel 3

Beauty TherapyQualified andExperiencedLouise Johnson

RECEIVE 10% OFFany Tuesday & Wednesday on production

of this advert for new customers

Call today01782827527

Beautiful ImageNow at

Valid until 27th June 12 ©NM