Source: PA
Vale reject Newton investment
Port Vale have announced they will not be accepting the £500,000 investment offer from Mike Newton.
The Valiants' board met on Thursday night to discuss Newton's proposal but a majority vote decided to reject the bid.
A statement on the club's official website on Friday night revealed the board were concerned that Newton's proposed changes would destabilise the club and also detailed they were unconvinced by Newton's business proposal and were unable to obtain sufficient references for the 40-year-old.
"The Board of Port Vale Football Club has come to a majority decision to reject the offer submitted on 14.08.10 by Mr Newton," read the statement.
"The board are working hard to secure the financial future of the club and can confirm that many of the recent press and media reports have been misleading.
"We are concerned about the lack of confidentiality and the manner in which the negotiations have been conducted. We feel that it is important to maintain the club's stability and are concentrating on the future development of the club."
