Fri, 09 Mar 14:21:00 2012
Port Vale have gone into administration for the second time in their history after an application to the High Court was accepted.
The League Two side become the third British club in recent weeks to fall into administration after Championship outfit Portsmouth and SPL champions Rangers.
The Stoke-on-Trent club have asked for Bob Young, Steve Currie and Gerald Krasner of Begbies Traynor to be named joint administrators.
The club were issued with a winding-up petition by HMRC on February 29 after failing to pay tax bills, creditors or wages.
The club are subject to an automatic 10-point penalty under Football League rules, taking them from ninth position on 50 points to 16th, 11 points above the relegation zone.
"Our first priority is to look at every aspect of the operation of the business in order to stabilise the business and allow the club to remain trading until at least the end of the season," Young explained on the club’s website.
"This can only be done by reducing all outgoings and costs in a considered and organised manner until they are covered by the known income that will be generated by the club over the coming months until the season ends in May.
"Once the initial exercise of stabilising the business has been completed, we will be looking to initiate conversations with potential buyers for the club, and hope that this process will deliver an offer that can be considered by the creditors of the company.
"During the course of our duties, we will establish the underlying reasons for the failure of the business, and we will investigate any matters that are brought to our attention."
The club first went into administration at the end of the 2001-02 season, where they remained for the following year until they were acquired by the fan-led Valiant 2001 consortium.
They had been a Championship side in 1999 but - since their financial troubles started - have been in steady decline, dropping into League Two in 2008, finishing in mid-table last season.
Former chairman Bill Bratt resigned in October following the collapse of a proposed investment deal with American firm Blue Sky International.