Genuine hopes of promotion in 2011–12 were brought to an end after the club was issued with a winding up petition by HM Revenue and Customs on 29 February 2012; the club were by this time unable to pay tax bills, creditors, or staff wages. The club entered administration on 9 March. The club finally exited administration on 20 November 2012, and Tom Pope scored 33 goals to fire Vale to promotion back to League One with a third-place finish. They stabilised in the division under new boss Rob Page, before chairman Norman Smurthwaite orchestrated the departure of Page and his squad in favour of the club's first foreign manager, Bruno Ribeiro, in June 2016. The result was relegation back into League Two at the end of the 2016–17 season, after which Smurthwaite resigned as chairman. He returned to the role the following season and threatened to put the club into administration if a buyer was not found by May 2019, a fate which was avoided when Carol and Kevin Shanahan completed their takeover.