Port Vale board reject cash injection from Mike Newton
New York based businessman Mike Newton was left £500,000 richer today when the eight members of Port Vale’s board rejected his offer of a takeover.
The ongoing saga, which has seen Vale boss Micky Adams threaten to quit, came to a close today but Newton admits that whilst he’s disappointed, he will continue to monitor the situation.
In a statement, the board outlined their reasons for the decision and one major point was Newton’s change from his initial offer of £400,000 to instalments of £500,000.
Vale chairman Bill Bratt has urged the club to draw a line under the decision to reject the proposal, despite the club ready to post a £400,000 loss for the previous year.
The decision has left a dark cloud over Port Vale despite their excellent start to the season, they are 13/10 for the top of the table clash at home to Torquay on Saturday, and the fans will hope that the off-field antics haven’t affected the mentality of the team.
Following the board’s refusal of his offer, Newton said, “tonight I will go to bed half a million pounds richer while Port Vale continue to live from hand to mouth.”
Newton’s comments in the wake of the decision to reject his proposal have angered the majority of the fans after original opinion was split, the fans will now hope that Port Vale can maintain their good start to the season and push for the League title which they are currently 8/1.
Off-field problems can affect the bigget of clubs so Torquay look decent value at 2/1 to beat Vale on Saturday. You can view the Port Vale vs Torquay match betting market here.