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  • Mitre June 17

Port Vale miss vital payment to local Council

Port Vale's problems continue the local authority say they may be forced to take legal advice after Vale missed the January 31 deadline to pay last month's loan payment of £19,616

The December instalment for the same amount was only paid on January 30, almost a month late.

Sarah Hill, the council's cabinet member for finance, has urged the Vale board to show how they intend to improve the club's finances.

"Port Vale are very keen to get their finances together and pay us what they owe.

"From what they have said to us, we hope that over the next couple of weeks they will have a much clearer idea of what direction the club is going in and where their future lies.

the club have already breached the terms of the 2006 loan agreement on two occasions.

The first came when the club's former chairman, Peter Miller, took out a £277,000 mortgage against Vale Park last month.

The second occurred when Vale failed to submit last season's audited accounts to the council by a set deadline of December 27.

Just under £1.8m of the loan is still outstanding. Vale had not missed a repayment deadline until December.

Acting chairman Mike Lloyd told BBC Radio Stoke: "The (December) payment was late going in, but has now been cleared. The one for January is slightly overdue and as cash flow becomes available we shall pay that off as well."

He added: "Myself and the rest of the board have been working hard to bring in investment, but we've had examples of supporters asking sponsors to withdraw their money."

SD

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