League Two side Port Vale issued a statement yesterday admitting that 'contractual issues' were delaying any cash input from investors Blue Sky International. The American sports construction company are planning to take a stake in the Valiants of 24.9% as a shareholding, but the Staffordshire club have confirmed that they have yet to receive the £150,000 initial investment, despite those shares having been reported as 'purchased at the start of October.
With Vale fans raising concerns about the validity of the BSI deal, Port Vale's statement claims that "the projects announced around investment from BSI remain in place and the club continue to progress these without delay". However, local newspaper The Sentinel points out that the completion of the Robbie Williams Suite - a members executive bar named after the local singer who owns shares in the club - is currently reported as "delayed". With BSI intended to be putting in the funds to complete that project, the paper questions whether that may be the reason for the slippage.
The Sentinel draws into question whether the deal with BSI is actually signed, sealed and delivered, pointing out that a similar earlier deal with another turf company, Ameriturf, collapsed just before the Valiants launched their own plans with BSI. The paper questions:
"Does this mean the money that the club (Port Vale) claimed more than a month ago had been pumped in by the U.S. company, enabling it to buy 8.93 per cent of the club's shares, isn't in the bank yet? This leads, of course, to a far bigger question: If Vale have not yet received the £150,000 from Blue Sky then what chance have they got of actually seeing the £5m that was promised to be invested in the club by next September?"
They also question whether BSI's subsequent involvement with Yeovil Town may be causing problems, although we've heard nothing to suggest that BSI plan to take a shareholding with the Glovers. Vale fans have been promised a full report on BSI's relationship with their football club in time for the club's AGM - although even that has been postponed by two months, and will now take place in February 2012.
Comment on this News Item on Facebook
or Go back to Top of Page