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League One

Wildes is preferred bidder

17 October 2012

Wirral-based entrepreneur Paul Wildes' Alchemy Investment Group has been announced as the preferred bidder for Port Vale.

The deal is awaiting approval from the Football League and is worth ?1.25million.

Bob Young, partner at the club's administrators Begbies-Traynor, told the club's official website: "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."

He added: "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."

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

"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."

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