Port Vale: Mike Newton set to be offered director's role
PORT Vale are set to offer prospective investor Mike Newton a seat on the board of directors.
The 40-year-old has stated his desire to replace Bill Bratt as chairman in return for investing £400,000 into the club. But the investment deal could be in jeopardy because it is understood Stone-born Newton will not become chairman if he accepts the club's offer.
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Newton was aware of Vale's pending offer when contacted by The Sentinel last night, but had yet to be formally approached by club officials.
If he agrees to become a director, the club's eight-man board will then conduct a formal vote to rubber-stamp their decision.
Newton, who works for a New York-based hedge fund, would then have to be elected on to the board by the club's shareholders.
However, it is also understood the board have not yet approved any of Newton's other investment proposals, which could cast further doubt over the deal.
These include handing Bratt's chief executive role to former Stoke City striker Graham Shaw and installing Vale director Graham Mudie as his deputy.
Meanwhile, Newton will host a public meeting to discuss his proposals with fans at Stoke's Jubilee Hall on Thursday (7.30pm).
Newton had invited Bratt to share the platform with him, but the chairman said: "I've got two prior business engagements in London and then in Southend on Thursday, so I won't be able to get back for the meeting.
"But it was more than likely I wouldn't have attended because I don't think these discussions should be held in public."
Horsfield not fazed by tough cup trip: Page 62
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17 Comments
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by Darren, Manchester
Thursday, August 12 2010, 12:01PM
“i,ll leave this as my last comment on this matter,, we can go on and on,i agree the club has gone downhill ,, alarmingly since V2001 took over, i repeat my point though that 72 football league clubs are tottering on the brink, it is impossible to make money at our level, it is not anti-Stoke sentiment on my part,, if Peter Coates were to wave a million pound cheque at us ,, then welcome on board, i am not privvy to more intricate details of shares and amounts invested etc,, but totally agree we could be heading for the mire,, i feel though that Mr Newton is washing the dirty laundry in public so to speak,, it doesn,t seem the right way to go about it,, my personal opinion, many will dis-agree, the last 7 or 8 games last season and the opening 2 games this yr have re-kindled an excitement and belief amongst Vale fans not seen for many a year,we have the 1st proper manager since Horton who has worked wonders so far,, i for one can,t wait to be on the train down on sat with my lad hoping to beat Chesterfield,, that feeling hasn,t been there, it was almost a chore turning up,, i,d hope that all this optimism isn,t tarnished by off the field squabbling,, yes we are crying out for money in the club and the Harlequin thing has been farcical but i,m just not sure playing it out in the public eye is the right move”
by readthecharterpleasebill, burslem
Wednesday, August 11 2010, 7:37PM
“Fair enough, and apologies if thats the case. When people care for the club, such debates can get heated. And I have no doubt you only want the best for the vale. However, my tone was in respinse to the "not knowing anything about the clubs history" which I assure you isn't true. However, what has got me wound up is how although lots has been written against mike newton from supporters of BRatt, not one genuine reason why we should turn it down for the best of the club has been given. Despite the club losing money left, right and centre. Many see Bratt as being able to do no wrong, but I cannot for the life of me see why he wont sit down and negotiate with this guy. He said 18 months ago he had taken the club as far as he could, and he/they would step down if the right person came in (but I am now starting to doubt that). He either needs to follow the V2001 charter and tell us why this could be so bad, or sit down and talk. Newtons a stoke fan...well Gareth owen was a stokey, micky adams played there, has it stopped them from doing the business. ANd 400k is not to be scoffed at when we are losing money. Especially when its more than the current board has invested added together. Be cautious...I am...but turning away investors who MAY be able to take us forward, without negotiating or giving sound reason just isnt good enough.”
by Darren, Manchester
Wednesday, August 11 2010, 5:34PM
“i fail to see the need to personally have a pop at me,, football all about opinions aint it?? i travel to home games from Manchester so am entitled to my view,, my comment ' it had nothing to do with finances ' was referring to our lowest ever placing not the current situation at the club,, i am entitled to my opinion without being made to look stupid just because i don,t have contacts like Mr Felstead and yourself”
by readthecharterpleasebill, stoke
Wednesday, August 11 2010, 3:39PM
“Darren: I thought you were on about the Stanley Matthews Incident (and hey, that makes the decline under V2001 fantastic now, well done for clearing that up!). If that suddenly makes you right about Mike Newton, which for some insane reason it seems that you think so, then its pointless having a debate. And since Bill Bratt has got less than 50K worth of shares, which you said "beggars belief", have you changed your mind on that? Or does it no longer "beggar belief" because it doesn't fit in with what you want to believe, and the opinion you have formed without ANY facts. And how can you say its nothing to do with finances? Its finances that will dictate weather we can be successful or go into admin! ICan you give ONE...Just ONE reason why Newton is bad for the club (especially since it seems the board have offered him a place round the table, though granted not the deal he wants). You wont answer this, because you cant! Hence why you resort to a general knowledge quiz to win the argument in your head. And yes, Dave Felsted does have more insight than you, and so his opinion speaks volumes.”
by Darren, Manchester
Wednesday, August 11 2010, 1:26PM
“1979/80 season we finished 20th in Division 4 ,, absolutely nothing to do with finances whatsoever,,it is all about opinion Mr Felstead you obviously have greater insight than me,,and before you call me uninformed read the above comment about re-election and maybe make same comment to others who know nothing about history of Port Vale,,”
by Big Bill, Hanley
Wednesday, August 11 2010, 8:23AM
“It will be good for the Vale to get stoke fans on the board.”
by Dave, Leek
Tuesday, August 10 2010, 10:58PM
“Darren,
Perhaps you also think its right that someone who is currently on the Board (Peter Jackson) has been allocated a 'Golden Share' for buying less than a quarter of the shares that Newton wants to buy.
A 'Golden Share' means he will never have to stand for re-election.
Is that fair?, is that progress? well he is a Vale fan so everything must be OK hey?
Try asking the shareholders at the AGM if we think its fair!!! - Not.”
by Dave, Leek
Tuesday, August 10 2010, 10:54PM
“and another one for the uninformed ...
£400,000 is the maximum amount of shares any one person can buy in PVFC.
There is a 24.9% of issued capital maximum ruling put there by the shareholders.”
by Dave Felstead, Leek
Tuesday, August 10 2010, 10:49PM
“Darren you really do live in cuckoo land.
Last season only a loan of £130,000 from Harlequin kept the club out of Administration.
This loan may now be used towards their new sponsorship payments i.e. A new sponsorship deal but no real money coming in.
12 months ago Bill stated that if we ever lose £500,000 in one season we will be bankrupt - we are about to post losses of £480,000 in the last financial year.
I know Bill well, I believe he and all the original V2001 members should be thanked profusely for saving the club but wake up man 18 months ago Bill went public saying that V2001 have brought the club as far as they can - so now is the time to hand over the reigns to someone else and Mike Newton ticks all the right boxes - rich, intelligent and he is NOT a property developer. Graham Shaw by the way would make an excellent CEO - try taking a look at his CV before making statements like that.”
by Readthecharterpleasebill, Stoke
Tuesday, August 10 2010, 9:53PM
“Bratt has only put in 50k, check the share register. And he takes that out each year in wages. But 400k isn't enough? Take your blinkers off! The r election issue years ago was to do with finances, not league position.
Give me one reason why he is bad for the club, apart from "he's a stoke fan". We can't sustain 500k a year losses, and turn down investment. And shouldn't the shareholders have some say in this? So much for the charter!”