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Page last updated at 13:37 GMT, Sunday, 19 December 2010

Port Vale consider Mo Chaudry's offer to buy the club

Bil Bratt
Bill Bratt would be replaced as chairman if the takeover went through

Port Vale have invited Staffordshire millionaire Mo Chaudry to submit his bid to take control of the club.

The move comes after the club's board originally decided not to pursue the 50-year-old's interest.

Chaudry spoke to chairman Bill Bratt and director Graham Mudie after the club was criticised for that decision during its annual general meeting.

Chaudry told BBC Radio Stoke: "I'm confident my bid will be successful if the board consider it objectively."

He added: "I will present my formal proposal in writing to the board before the close of business on Monday."

Port Vale's seven-man board came in for heavy criticism from shareholders and supporters after they unanimously agreed not to pursue the Waterworld owner's proposal to invest up to £3m in the cash-strapped club.

Chaudry hopes to buy £1.3m of shares and also reduce the club's debts - believed to be more than £2m.

He also wants to replace Bratt as chairman, and appoint his own board and chief executive.

"I have impressed upon the board the need to accelerate due consideration of my proposal. I hope they give a positive recommendation and set a date for an EGM by January 4, " added Chaudry.

Bratt has imposed no time schedule on Chaudry, who hopes the board will eventually recommend his proposal to the club's shareholders.

They would then vote on it at an extraordinary general meeting.

Shareholders would also have to vote in favour of changing the rule which prevents an investor from buying 24.9 per cent, or £282,000, of the issued shares.

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