Shareholders vote "no confidence" in Port Vale board
A group of supporters protested after several games at Vale Park last season
Port Vale shareholders have cast a vote of no confidence in the current board of directors at an Extraordinary General Meeting held on Wednesday.
However, three of the five directors, including chairman Bill Bratt, will remain on the board after surviving individual votes for their positions.
Vice-chairman Peter Jackson and Stan Meigh were the two directors voted off.
Majority shareholder Robbie Williams sponsored local businessman Mark Sims to take a place on the board.
Earlier, Williams' representatives contacted Dave Felstead, the vice-chairman of the supporters' club, offering to sponsor four people onto the board for £50,000 each.
The offer was rejected, however, as club rules state that only one person can be sponsored.
The rule stating that no one party can own more than 24.9% of shares remains in place.
With a 75% majority needed to scrap the rule, only 53% voted in favour.
Staffordshire businessman Mo Chaudry launched a bid to buy the League Two club late in 2010 and, although his offer was initially rejected, he received large support from Vale fans.
He pinpointed a last-minute change of voting from Broxap, a company owning 4% of shares, as the main reason for the result.
"Obviously it didn't go as well as we had hoped or planned," Chaudry told BBC Radio Stoke. "There has been some tactical voting and last-minute switches of agreements.
"Had they [Broxap] stuck, there would have been a clear majority across all of the resolutions.
"The voice of the people has not been heard. I've been sitting with 400-500 shareholders, who are all small shareholders, and I would go as far as to say that 90% have been in favour of change and are still in favour of change, so I'm really gutted for them."
Felstead also admitted that he was disappointed with the outcome.
"In the room today, if it was a 'one person, one vote' system, over 90% would have been for the board to go," he told BBC Radio Stoke.
A section of supporters protested against the board after several games at Vale Park towards the end of the season, with the club finishing 11th in League Two.
Bratt headed a fans' consortium that took over Port Vale, who were in administration at the time, in February 2003.
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