I have finally found (thanks Cliff) an official working link that offers 40,000 Priority Club points when signing up for the Priority Club Black Visa card.
The link is here. It was circulated with some Priority Club statements this month.
You still need to pay the £99 annual fee. However, remember that this card now also gets you free Priority Club Platinum status! Whilst not the most valuable hotel status ever, it may (or may not) get you an upgrade, free drink or perhaps free internet on your next Holiday Inn, Crowne Plaza, Indigo etc stay.
40,000 points is good for 80% of a free night at a top hotel like the InterContinental in Paris, or 4 free nights in a middle of nowhere hotel somewhere! Priority Club is relaunching their reward chart today so its difficult to be more specific than that at present.
You also get a voucher for a free night in any of their hotels when you spend £10,000. This could be worth up to £250 if used at a top-price InterContinental. If you have a lot of Visa spend via merchants who do not take American Express, then this is one of the most attractive non-Amex rewards available.