Smurthwaite expects approval

Port Vale chairman Norman Smurthwaite expects the Football League to approve the club's transfer of ownership to a new company.

PVFC Ltd, which had a winding up order issued against it by HM Revenue and Customs in May, has been closed and ownership moved to a new company named Port Vale Football Club Limited. Smurthwaite, who will remain the sole owner of the club, needs the approval of the Football League to transfer the club's ownership because the League controls whether clubs can take part in its competitions. It does this by giving them a share in its membership which can be suspended. The signs are promising as the Football League has allowed Port Vale to go about its business this summer and bring in 10 new players. A statement issued by Smurthwaite via the club's official website said: "Port Vale Football Club currently, along with Alchemy Land the Stadium Company owner, sits within the Alchemy Investment Group structure. "To give both transparency and independent financial accountability PVFC Limited, the holding company of Port Vale Football Club, has made an application to the Football League for the transfer of the club's membership from PVFC Limited to Port Vale Football Club Limited. "No club-related debt is being shed through this arrangement and accordingly there is no threat of sanctions against the club as a result of the transfer. "All contracts entered into by the original management regime of PVFC Limited have either been terminated or re-negotiated so no contractual advantage will be obtained in granting the transfer of the club's share in The Football League. "In addition, a new company has been established trading in the name of Port Vale Retail Limited, owned by Norman Smurthwaite, which now trades independently but exclusively for the Port Vale shop. Alchemy Land will shortly be in the ownership of Falcon Alliance Limited, a company owned solely by Norman Smurthwaite and his wife Lorraine Smurthwaite."