Board rebels “cost Vale more than £20,000”

Board rebels “cost Vale more than £20,000”

The Staffordshire Sentinel is reporting a current Port Vale director’s claims that rebel Directors Charles Machin and Geoff Wakefield cost the club £20,000 by not resigning before an EGM.

The Vale board in session before the split

Glenn Oliver, a Port Vale Director and a regular on the forum, told the newspaper that the sum was due to the legal and administrative costs of the March 17th EGM.

Oliver criticised the duo for refusing to resign before the meeting, which would was a foregone conclusion after over 50% of the shareholders had already signed a resolution calling for the pair to go.

Oliver also told the newspaper that the club is having to spend another four-figure sum on legal costs to help secure the club finances because Machin, who believes the EGM was unconstitutional, argues he is still a club Director.

The Sentinel claims that: “The club is not revealing details of the finances in question, although its attempts to secure an overdraft stalled last month following a letter from Machin to the club’s bankers in which he outlined the dispute.”

Oliver told the newspaper: “We believed the situation was untenable. They should have resigned and criticised from outside the board.”

Charles Machin disputed the £20,000 costs as “unbelievable.”

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