Port Vale revealed yesterday that the club is now out of administration following a £1.25m takeover bid from Paul Wildes and business partner Norman Smurthwaite being accepted.
On the 9th of March 2012, the League Two side officially announced that they had entered administration following an unpaid tax bill being recalled by HM Revenue & Customs. The club were deducted 10 points, placed under a transfer embargo and players received only 25% of their wages.
Over the next few months, controversy surrounded the board as it came to light that their intentions may not have been in the club’s best interests. This sparked weekly protests at Vale Park and as seemingly sensible offers for the club were turned down, the future of Port Vale was uncertain.
Over the Summer, the club received fresh interest from businessman Keith Ryder which seemed to be promising, but on the verge of a takeover, My Ryder was said to pull out due to personal reasons again leaving the future of the club in limbo.
But with the start of a new season came fresh hope for the Valiants as rumours of another new bidder started to spread. Add to this Port Vale’s best start to a season in recent memory and there was finally light at the end of the tunnel.
Paul Wildes and business partner Norman Smurthwaite’s are part of the Alchemy Investment Group and made a £1.25m offer for the club earlier this season. They had previously attempted a takeover of non-league side Darlington in the year but this failed to materialise as an agreement with the current chairman could not be reached.
Following a board meeting on Thursday last week, it was announced on Tuesday evening that the bid from the businessmen had been accepted and the club had officially exited administration.
Port Vale currently sit 2nd in League 2 and following a 4-0 win over Bristol Rovers on Tuesday evening, are now just 4 points behind league leaders Gillingham. And with striker Tom Pope in great form and the Valiants being the highest scorers in the English football league, the future now looks promising.