Quick enquiry
  • Wolves event 17

Millionaire considering Port Vale options

Football News 24/7
Potteries basde millionaire businessman, Mo Chaudry is considering his options re the purchase of Port Vale. The 51-year-old is currently analysing the club's finances after meeting with Vale's administrator Bob Young last week. Chaudry made a big impression when appearing on TV's The Secret Millionaire and has made his money from a series of Potteries based ventures such as WaterWorld and the M Club,

Young has not set any concrete deadline for bids to be submitted, but hopes to receive initial non-binding offers from interested parties this week.

"There are still a number of things I have to look at because I only started my fact-finding exercise on Friday. But by the end of this week I hope to make a final decision," said Chaudry.

"I have to make my decision based on what is the best deal for the club.

"If I can come up with the right bid I would also hope to be in a position to submit it next week. There's no certainty that my due diligence will result in me making a bid.

"I don't want to let anybody down, but I can't be rushed into making such a big decision.

"If any bid is to proceed I'm fully aware of the timescales with regard to the club coming out of administration. But I can't be pressed and make a snap decision about the future of a 136-year-old institution like Port Vale."

Vale are believed to have debts of up to £3m, including the £1.8m balance of a £2.25m city council loan.

Young is continuing to negotiate with four 'serious' bidders, including Chaudry and Staffordshire-based firm International Piping Products.

Chaudry added: "This isn't just about buying the club from the creditors, it's about having a credible and sustainable business model and strategy for long-term success.

"But I won't get into a bidding war as there are a lot more issues than paying the best price for the club.

"There can't just be a knee-jerk reaction in selling to the highest bidder and then we end up with the same problems in the future – nobody wants that.

"It's not like buying property at an auction where the price keeps getting pushed up. It's about looking at the club and having enough resources for the future.

"The more money you give to creditors the less you have to sustain the business."

Young, though, conceded potential buyers required time to decide whether to make a bid.

He said: "The four people we're talking to are spending a lot of time looking at different things, but there's no formal bid on the table at the moment.

"However, they know I have to have indicative bids by a certain time.

"They are looking at the club's finances, historical accounts and looking at what they can do for the club, as well as preparing their own financial forecasts."

KL

Web design by Brick technology Ltd.