£1.25-million will be paid on completion

NEW PREFERRED BIDDER REVEALED

• £1.25-million will be paid on completion
• Heads of Terms have been signed
• Alchemy Investment Group has preferred bidder status

Port Vale administrators Begbies-Traynor has announced that Alchemy Investment Group is the club’s preferred bidder.

The Group is fronted by businessman Paul Wildes, along with his business partner Norman Smurthwaite.

Heads of Terms were signed on Friday between Alchemy Investment Group and Begbies-Traynor, with the deal now awaiting approval from the Football League. The deal is worth £1.25-million, which is payable upon completion and has no deferred element.

Bob Young, Partner at administrators Begbies-Traynor, said:

“This has been a long process and a difficult time for everyone connected with Port Vale Football Club. Alchemy Investment Group has completed extensive due diligence on the club and have also been approved by Stoke-on-Trent City Council.

“We are confident that the business has all of the financial requirements in place and are looking forward to receiving approval from the Football League so we can complete at the earliest opportunity.”

Paul Wildes, of Alchemy Investment Group, added:

“We are aware that there is still a process to be completed in terms of Football League approval, which all parties are working towards.

“I have watched Port Vale on a number of occasions in recent months and although I am cautious because the deal is yet to be completed, I am also excited at the thought of being involved in a club with so much potential.

“Port Vale has a rich history and I am certain that we can play our part in ensuring it also has a successful future.”