Port Vale chairman Norman Smurthwaite has told the Sentinel newspaper that “the club has to find its own level” as he says he will stopping his personal investment.
Smurthwaite says he has put in £800,000 of his own money this season, £400,000 more than he intended. He says he’s not criticising supporters but he feels it is unfair for him to continue to personally bankroll the club.
Next year’s budget will be based on this year’s turnover. I can’t keep throwing money at it, the club has to find its own level…
He told the newspaper: “My personal investment will be £3m by Christmas.
“Our turnover is about £3m including the Football League’s contributions. On that basis, it [the player budget] should be between £1.4m and £1.6m which is a League Two budget.
“I will have put in £800,000 this season, £400,000 more than I planned to.
“But our crowds are down on last season and they were down then from the season before.
“My appetite to keep throwing money at it is beginning to wane. Next year’s budget will be based on this year’s turnover. I can’t keep throwing money at it, the club has to find its own level.
“The top and bottom of it is I have put in £400,000 more than I planned to put in this year. Next season I won’t be doing that.”