Port Vale have revealed that Italian soccer agent Gianni Paladini and his advisors dramatically moved the goalposts at the eleventh hour during their bid to take control of the club.
The Paladini group changed their bid on Christmas Eve, and then further diluted the offer at the Board meeting on Monday, thinking they were the only bidders for the club.
Only when Paladini and his advisors were made aware of the Peter Jackson consortium bid did they revert to an offer to match it, in some respects.
Chairman Bill Bratt said: “Directors considered the diluted bid to be totally unacceptable, and we believed, on the basis of legal advice, that it could have led the club back into administration, with disastrous consequences.
“Even though the Paladini group then restored their original offer, so as to match Peter Jackson’s immediate share investment, against the background of the day’s events the majority of the directors considered the long-standing Vale supporter’s bid to be the better for the club.
“Like most supporters, when we first heard of Mr Paladini’s claims that he would bring star players to Vale we were excited and immediately set about talks
“However, 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. In my opinion, it was a very good job he did.”