VALE chairman Bill Bratt insists his board will not be rushed into accepting Mike Newton's offer to invest £400,000 into the cash-strapped club.

The New York-based hedge fund trader presented his proposal to the eight Vale directors last Friday before setting a seven-day deadline to decide whether to pursue his offer.

The board held further talks last night, but Bratt, pictured right, says they will need more time to mull over the details of the plan.

However, it is understood acceptance of Newton's investment offer would mean Bratt relinquishing his dual roles as chairman and chief executive.

Graham Mudie, the Vale director who introduced Newton to the club, would be a contender to replace Bratt as chief executive.

"We're looking at Mr Newton's proposals and they will be discussed thoroughly," said Bratt, "but I don't think seven days is long enough to go through everything we need to.

"We are also still waiting for answers from Mr Newton to some of the questions the board put to him.

"There can't be a deadline over this amount of time when you're selling a club.

"There are lots of different things to look at. It's not like selling a car.

"That doesn't mean we are turning down the proposal. Mr Newton is a decent guy and we're looking at his proposal very seriously.

"This is a positive offer and we are doing everything we can to accommodate Mr Newton.

"We look forward to having further talks with him."

Newton, who was raised in North Staffordshire and grew up supporting Stoke City, wants to invest £400,000 over an unspecified period of time.

He would also seek a place on Vale's board in return for his investment. Bratt did not put a timescale on any future talks with the former Oldham Athletic director, but said he would be willing to move aside as chairman and chief executive if the deal benefited the club.

Bratt also said Harlequin Property, the club's first-team kit sponsor, could also come back to the table with their own £500,000 investment plan in the coming months.

Harlequin are expected to resume negotiations once their Caribbean-based Buccament Bay Beach resort opens later this summer.

"Harlequin still want to help the club and as soon as Buccament Bay is up and running they have pledged to come back to us regarding investment," said Bratt.

"Harlequin are happy for the board to do their job and they've not interfered in our talks with Mr Newton."

Vale urged to turn on the style: Page 55