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Page last updated at 11:21 GMT, Thursday, 9 December 2010

Mo Chaudry bid rejected by Port Vale

Port Vale

Port Vale have rejected Mo Chaudry's bid to take control of the club, BBC Radio Stoke understands.

The Staffordshire businessman had written to the Vale board declaring his interest in buying a "major shareholding" at Vale Park.

Chaudry also asked to meet the Valiants' directors before the club's AGM on Monday, 13 December.

But it is believed the Vale board are to release a statement declining the 50-year-old's offer.

Chaudry launched an unsuccessful takeover bid for the League Two club in 2003, losing out to supporters group Valiant 2001.

Last week he told BBC Radio Stoke: "Two or three Championship clubs have approached me but I think 'why not Port Vale?'

"I'm a local man, my businesses are here and I'd like nothing better than the challenge of maybe taking them to the Championship.

"But the balls are still up in the air and the next few weeks will determine what direction I go into."

The Vale board, who rejected a £500,000 takeover bid from Mike Newton in August, held talks with potential investors from the United States in November.

"I can't comment on the people that have approached the club in the past," added Chaudry. "From my point of view, I have proof of funding and a credible business plan.

"I have to do this in a dignified and a professional manner, which I will. I'm in no rush and I'm in a position of strength.

"I will not push the board into anything but I will give them the opportunity for us to have a discussion."

Vale currently sit top of the League Two table, a point ahead of second-placed Chesterfield.

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