Influential fans group North London Valiants have rejected the offer of a place on the Port Vale board calling the offer “disingenuous”.
A statement said:
“NLV condemn the offer as hollow and disingenuous.
“The board made it clear a shareholders’ board representative would require ‘new investment’ of £50,000.
“We proposed an alternative option would be the pooling of existing shareholdings to achieve the minimum requirement.
“The advice from our legal advisors was that the club’s constitution neither excludes nor precludes the pooling of shares.
“The club’s legal advisors disagree and the club is unwilling to move on this point.
“The board ‘offered’ the seat, yet they are unwilling to facilitate this happening without new investment.
“We did consider trying to raise the required £50,000, but there were other reasons for declining the offer.”