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Vale takeover complete

Port Vale has new owners.


A deal is now complete for Carol and Kevin Shanahan to buy the club from Norman Smurthwaite.

The Shanahan's own software firm Synectics Solutions, which is based next to Vale Park in Burslem.

Mr Smurthwaite confirmed at the start of March that they had made several offers to buy the club, but had rejected them.

Then at the start of April, the club announced it had entered into a confidentiality and exclusivity agreement with the couple, regarding the purchase.

Organised protests, encouraging Mr Smurthwaite to sell up, have taken place at several Vale games.

Today (7 May), the sale has been completed.

The club has released the following statement:

"The club can confirm that Carol and Kevin Shanahan have completed the purchase of Port Vale Football Club.

"The first action has been for the club to purchase Vale Park in its entirety and bring it back under the ownership of the club.

"All future revenue generated within Vale Park will remain within Port Vale Football Club.

"On behalf of the club Carol and Kevin would like to thank everybody for their huge support during this process and look forward to the future success of Port Vale."

A statement released by Synectics says the couple have purchased the football club, whilst the freehold of the ground, which includes the land and stadium, has been purchased by the club through an independent financial vehicle - PV Holdings Limited.

They also confirm that Port Vale will remain a separate legal entity to Synectics - which employs over 360 staff.

Carol said: “We are delighted to have completed the takeover of Port Vale Football Club.

“Kevin and I are extremely passionate about the local community and Port Vale is a football club at the heart of Burslem.

“We are extremely proud of the culture, values and ethos we have developed within Synectics and are looking forward to utilising these to breathe new life into the club, repairing and healing it to get it back to where it should be.

“It’s a club which lives within its means and punches above its weight and we want to improve its punch. We have a clear plan to use the club’s assets for the benefit of the club and its fans.

“We are truly excited about the prospect of working closely with supporters and the local community to take this great football club forwards.

“The takeover will not have any impact on Synectics Solutions as the company is a completely separate entity to Port Vale Football Club.

“At Synectics, Kevin and I are supported by a highly experienced board of directors and senior management team and we will continue to manage the company and act in the best interests of all clients, staff and suppliers.”

 

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