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Page last updated at 15:09 GMT, Monday, 11 January 2010

Vale aim to raise transfer funds

Bill Bratt
Bratt announced a loss of 280,000 for the past financial year in November

Port Vale have written to shareholders asking for them to purchase more shares, in an attempt to help manager Micky Adams in the transfer market.

In the letter, chairman Bill Bratt says all of the proceeds would be handed to Adams to help him strengthen the team.

Director Graham Mudie told BBC Radio Stoke: "We've had a good response so far, which is very encouraging and very important to the club."

Vale reported a loss of around £280,000 in the last financial year.

Mudie also confirmed that the shares on offer are not new ones being issued, but are unsold shares in the League Two club.

The letter, which was sent to over 800 shareholders, reads: "I think that we all feel Micky Adams is making good progress with improving the team on the pitch and it perhaps would be appropriate to put all money raised in share sales at his disposal to strengthen the team.

"I understand that the credit crunch has hit all of us and it certainly has hit the club's cash flow, especially the loss of £380,000 from the Britannia Affinity Scheme this season, although I hope that the scheme will pick up over the next two years as interest rates rise."

Adams' arrival at Vale Park has seen an improvement of the club's on-field fortunes.

Vale reached the third round of the Carling Cup earlier this season and are currently 14th in League Two, seven points away from a play-off place.



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