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Unsecured creditors of Port Vale are to be offered just 3% of their debt under CVA proposals from bidder Keith Ryder.
The Sentinel is reporting that Ryder, who was given preferential status last week, will offer a total of £1.4million to take over the club, but only a tiny fraction of that will go to unsecured creditors.
He is offering the local council, owed £1.8million, £800,000 to end their loan to the club and return the freehold of Vale Park while other unsecured creditors, including the taxman, will get only a fraction of their debt. The Council, who hold the balance of power in agreeing a CVA, are to hold emergency meetings to discuss whether to accept the deal or not.
The paper reports that Ryder, who handed over just £60,000 to gain his current exclusivity, will pay off four employees made redundant, after the club entered Administration, in full as well as the near-£100,000 football creditors bill.