Begbies Traynor has been confirmed as administrators for troubled Midlands football club Port Vale.
Bob Young, Gerald Krasner and Steve Currie were appointed joint administrators of the club following an order made by the High Court in Birmingham.
“Administration will allow us to stabilise the business in the coming weeks while we look for a buyer, and investigate the underlying reasons for the failure of the business” explained Mr Young.
“The club continues to trade and we hope that the team’s recent run of good form will continue against Barnet tomorrow. In the meantime we will continue to have dialogue with the club’s stakeholders with a view to securing the future of the club and invite any potentially interested parties to make contact with us.
“We would encourage fans to attend and support the team both vocally and financially by contributing to the collections taking place around the ground.”
Mr Young was Port Vale’s administrator in 2003 when he sold the club to the Valiant 2001 supporter consortium in preference to an offer from Stoke City’s Icelandic owners.
He has been appointed by Stoke-on-Trent City Council, who are Vale’s major creditor with a £1.8m loan secured on the ground.
The council have pledged around £600,000 to help fund the club in administration until the end of the season.