Port Vale’s board of directors today voted to accept an investment from a consortium led by life-long supporter Peter Jackson.
(this statement was originally released on the official Port Vale website – www.port-vale.co.uk)
The consortium will today buy 30,000 shares in the club at £5 per share – giving a cash injection of £150,000, which will immediately stabilise the finances in the club.
The consortium has also taken an option to buy the remaining unallocated shares – but is happy to have a minority shareholding. In addition, sufficient funding will be made available to service the club’s medium term needs.
As part of the deal, the consortium will have two seats on the board.
Chairman Bill Bratt said: “This investment by a consortium of die-hard Vale supporters ensures the future of the club.
“Their willingness to accept a minority shareholding is also in keeping with the original ideal of Valiant 2001 that the majority shareholding of the club be owned by Vale supporters. I believe the best decision has been made for the club and its supporters.
“We now have a solid foundation on which to build for the future and achieve our aim in progressing Port Vale both on and off the field. We will be working to get the Football League transfer embargo lifted as soon as possible.”
The board met for six hours to carefully consider the option which also included a takeover bid by Italian soccer agent Gianni Paladini.
Bill added: “We have thanked Mr Paladini for his interest in Port Vale and have parted on the best of terms. He is welcome to visit Vale Park whenever he wishes.”
Peter Jackson said he was delighted that Bill Bratt had agreed to stay on as chairman.
Peter – who has supported Vale for 55 years – said: “Bill has done a tremendous job and I believe our investment will help him finish the work he has started.
“We believe the club has great potential and we are confident we can introduce the right business management to enable the club realise that potential.”