Newton "saddened" by snub

Mike Newton has expressed his sadness after Port Vale's board rejected his offer to invest £500,000 into the club.In a joint statement, Vale's eight directors confirmed they voted by majority decision, reportedly 5-3, against the New York-based businessman's investment plan.Newton, who wanted to replace Bill Bratt as chairman in return for his investment, admitted he was disappointed by the decision but also hinted at a second attempt to seize control at Vale Park."I would like to thank the three directors who `manned up' and put the good of Port Vale before their own special interests," said the 40-year-old."I will go to bed £500,000 richer while Port Vale continues to live from hand-to-mouth. That saddens me but the fans should realise I have not gone away and will continue to actively monitor the position while ensuring I do not become a distraction to the serious business of League Two promotion."I wish the manager Micky Adams and Bill Bratt well as they take the club forward."