Port Vale: Mike Newton could make individual offers for directors shares
MIKE Newton is considering making Port Vale's directors individual offers for their shares in an attempt to win control of the club, write Jon Owen and Michael Baggaley.
The New York-based businessman remains determined to invest and become chairman, even though the directors voted 5-3 against his £500,000 offer last month.
That bid would have been largely to buy new shares in the club, but Newton believes offering directors the chance to cash in on their own stakes could be more successful.
The 40-year-old former Oldham director, pictured below right, said: "One of the options available to me is to approach the directors and make a formal offer to purchase their shares.
"It isn't my preferred way of doing the deal because the money would be going directly to the directors rather than to Port Vale. But I am always looking at what to do next.
"The financial position of the club is extremely precarious, so some directors might appreciate the opportunity to get out.
"It would give me a foot in the door."
Newton could make a general offer to all eight directors for their combined £359,400 of the total £1.132m shares in the club. But under club rules, he can only own 24.9 per cent or £282,000 of Vale's issued shares.
He could also try to tip a new vote in his favour by targeting the five directors who voted against him.
Chairman Bill Bratt, vice-chairman Peter Jackson, Graham Mudie, Glenn Oliver and Stan Meigh voted against Newton last month.
Newton could try to win a new vote by removing three of those directors from the board by buying their shares.
He would then hope a new vote of the reduced board would go 3-2 in his favour.
But individual directors would need the approval of the board to transfer their shares.
Vale's most recent accounts show Bratt owns £44,120 of shares, while Jackson and Meigh own £150,000 combined and Meigh also owns £50,020 in his own name. Oliver owns £30,760 of shares and Mudie £500.
Of the directors who voted in favour of Newton, Mike Lloyd owns £50,000 of shares, Paul Humphreys £20,000 and Mike Thompstone £14,000.
Pop star Robbie Williams is the club's largest single shareholder with £249,000, but is not a director.
Newton says he could also simply wait for the board to change its mind about his proposal or buy the club if it enters administration.
But his claim that the club faces administration has been denied by Bratt.
Newton joined supporters in the away end during the side's 2-0 win at Bradford on Saturday and will play for fans' team 'Portly Vale' on Saturday morning before the first-team game with Aldershot.
He said: "There is a serious cash flow problem at Vale and the club is heading for administration.
"The current board can't continue running the club any longer.
"I am determined to take control of the club. I feel a sense of responsibility towards the team and the fans."
13 Comments
View all
by mr lewis, blyth bridge
Thursday, September 09 2010, 11:42PM
“readthecharter,your at it again,twisting peoples words.we know micky adams didn't say that. when newton said that when he took control of the club he would take youth team affairs out of the managers hands,,ma then said that he was responsible for all footballing matters and that he would have to look at his own position if that happened which if true was fair comment as what newton knows about football could be written on his thumbnail,and to refresh your memory newton turned down a seat on the board which is as far removed from full control as you are from common sense.”
by Phil, Normacot
Thursday, September 09 2010, 9:04PM
“"the club is doing well in the league so why would anyone want to disrupt that?"
Some people just can't help it.
One
Vale
Fan.”
by mr lewis, blyth bridge
Thursday, September 09 2010, 7:36PM
“oh no! we've got that prat newton back again have we, what is it with this guy. i feel a sense of responsibility towards the club and it's fans. unquote. what a load of bonkers,all he's doing at the moment is destabilising the club and splitting the fan base, and sifting through all the bull s*** i can't find out why,he's no affinity with the area or the club so he must have a hidden agenda,he has an insite into the clubs financial affairs so someone, probably a director,is feeding him that info.the club is doing well in the league so why would anyone want to disrupt that,it's the first time in years that we have the chance to move forward so why, it doesn't make sense.”
by Andy, Alsager
Wednesday, September 08 2010, 9:09PM
“Is it not strange that when Newton was spouting on about wanting to be chairman the one member of the board that he said there was a job for was Graham Mudie......is it not also strange that having turned down a place on the board he now is supposedly willing to buy out some of the current board members with the result that the "magic 500K" does not end up in the football club coffers. So does he have more where that came from to pour into the club.....looking at his attire whenever I have seen him I would guess not. This man is only out to cause trouble and I just don't trust him....that is enough for me to vote he goes away.”
by bill, spain
Wednesday, September 08 2010, 8:18PM
“Enough will all you journalists stop raising these could, might, possible spin stories.
Newton said he would walk so leave it alone.
Vale forever
Bill”
by the viking, bozlum
Wednesday, September 08 2010, 7:47PM
“me thinks Mr Adams was asked to say that by a desperate board !! and how the hell did Mudie by into the board of directors with only a paltry £500 i have friends in my local that have invested more than that.This fiasco will only end one way its obvious we cant carry on as a club in this mode”
by Readthecharterpleasebill, Stoke
Wednesday, September 08 2010, 5:55PM
“What a surprise, not one reason why newton is so bad, and yet more nonsensical hot air. Micky Adams never said he would leave if newton came in (by the way, if that was true why did the board offer him a place on the board?). And can we afford to turn down investment with no good reason.
Is this the first time investment has been turned down by the board?”
by jon-paul, Newcastle
Wednesday, September 08 2010, 4:58PM
“When will this bloke give up???!!!???. When he first tried to take control of the club he stated that he would walk away if the board rejected offer. Well the board did reject his offer and here he is again trying to take control by greasing a few palms in a desperate bid to gain control. Please Mr Newton go away and bother some other club. Im sure Newcastle town or Leeek town would welcome you with open arms.”
by Andy B, Boslem
Wednesday, September 08 2010, 2:35PM
“I wish people really knew what Micky Adams thought of Newton.
We want Micky - we don't want Newton!”
by Paul, Trentham
Wednesday, September 08 2010, 1:33PM
“How on earth can Graham Mudie be on the board of directors when he only owns £500 of shares?
How can he have a vote on the future of the club when he has only invested £500 in Port Vale FC?
His directorship has been cheaper than buying a season ticket for the last 3 seasons in total.”