Port Vale name preferred bidder

Vale name preferred bidder


Rider was one of five interested parties to submit a takeover bid ahead of Monday afternoon's deadline.

The deal needed to be approved by 75% of the club's creditors, including HM Revenue and Customs. Rider will now be asked to pay a non-refundable five-figure deposit to advance to the next stage of the takeover process.

After the joint administrators reached a decision on Tuesday morning, the following statement was released: "After considering the five bids the preferred bidder is Keith Rider, who is seeking to acquire the football club through a new company - Port Vale FC Limited.

"The joint administrators are currently negotiating with the preferred bidder a non-refundable deposit, which will grant them exclusivity to continue with the purchase. It is likely to be received sometime this week.

"It is intended that the joint administrators' proposals and CVA documentation will be available to all creditors shortly after the Easter break and that the appropriate meetings to consider these will be held on Thursday 26 April 2012."

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