“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…”
On Jackson’s bid
29 Dec 2003
In an Extraordinary General Meeting held at Vale Park today, shareholders overwhelmingly voted for Peter Jackson and Stan Meigh to be elected onto the Port Vale board.
Directors Charles Machin and Geoff Wakefield were also voted off the board.
Shareholders present at the meeting voted both Jackson and Meigh onto the board by a large majority.
Jackson, described by former club administrator Bob Young as “totally committed” had along with Stan Meigh had their investment offer accepted by a majority of the club’s directors on the 29th December 2003.
The board accepted the Jackson bid in preference to that of Gianni Paladini, describing the second bid in a club statement as “totally unacceptable, and… on the basis of legal advice, that it could have led the club back into administration, with disastrous consequences.”
“The cold reality was that the Paladini bid was significantly diluted before Christmas. It was vital that we worked quickly to find an alternative bid. Peter Jackson came to the club’s rescue on a day when the future of Port Vale was in jeopardy.”