Port Vale: Keith Ryder's initial offer is 'dead'

The administrator said it was in negotiation with six other parties over a possible takeover

A businessman's bid to buy Port Vale FC is now "dead", according to the club's administrators.

The club entered administration in March after being hit with a winding-up petition on an unpaid tax bill and concerns over other debts.

Businessman Keith Ryder was chosen as the preferred bidder in April.

However, administrator Begbies Traynor said it had heard nothing from Mr Ryder for several weeks and it was negotiating with six other parties.

It said it was not appropriate to reveal who they were at this stage.

Steve Currie, from Begbies Traynor, said: "While this is incredibly disappointing and frustrating for the fans, the club and the administrators alike we are encouraged by the number and calibre of new interested parties and we remain confident that a buyer will be found."

Port Vale took out a £2.25m loan with Stoke-on-Trent City Council in 2006, with monthly repayments of about £19,000, at least two of which were late at the start of the year.

In April the council agreed to write off £1.5m of that for the League Two club.

Supporters' club chairman Pete Williams said it was important for fans to "remain patient, pull together and support the club and team during this difficult period".

Mr Ryder could not be reached for comment.