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Page last updated at 14:15 GMT, Monday, 13 December 2010

Port Vale board not looking to sell up

Port Vale

Port Vale's board have said they are not willing to sell the club after rejecting an approach from businessman Mo Chaudry.

The Staffordshire-based 50-year-old had publicly declared his wish to purchase a controlling interest in the club.

But a club statement said: "The board welcomes approaches for investment into Port Vale.

"It is important to stress that the majority shareholders are not looking to sell Port Vale in its entirety."

It added: "Continuous speculation regarding possible 'takeovers' of the club is potentially damaging on and off the pitch, and will not be permitted to impact upon what is turning into an excellent season.

"The board continues to seek investment to help drive the club forward, as Port Vale strives to continue the progression it has shown under manager Micky Adams."

Vale, who are currently second in League Two following their weekend defeat at Morecambe, confirmed that Chaudry's bid had been turned down on Saturday.

The statement continued: "The board of Port Vale Football Club can confirm that it has received written correspondence from businessman Mo Chaudry regarding the potential sale of the club.

I want to make sure that the club do not go into administration because that would be a disaster

Mo Chaudry

"This approach was unanimously rejected and all members decided it will not be pursued at any stage in the future.

It had previously been thought that Valiant 2001, the group that holds the majority shareholding in the club, would be willing to consider giving up overall control.

The club will host its Annual General Meeting on Monday and Chaudry has pledged to attend as he ponders his next move.

And he warned that the consequences of the club's rejection of his offer could be dire.

He told BBC Radio Stoke: "Because of the rejection and the fact that the board have not given me the courtesy of a meeting, I will attend the AGM myself with my legal advisors.

"We'll sit and listen and gauge the situation and hope the board will come to some form of commercial sense.

"When you look at the financials, there's a real issue there. The valuation of the club hasn't taken place and once it has they will see that technically speaking the club will be insolvent and that could cause massive issues.

"I want to make sure that the club do not go into administration because that would be a disaster."

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