STATEMENT

August 20 2010.

The Board of Port Vale Football Club has come to a majority decision to reject the offer submitted on 14.08.10 by Mr Newton.

The conditions are not acceptable to the Board for the following reasons:

1. The Board feel that the Football side of the club is well managed and properly staffed and the changes Mr Newton states that he would force on the club are ill thought through and would de-stabilise the football activity and increase the chance of breaking up the football management team to the detriment of the club and it's football activities. (The proposed youth department redundancies have not been considered).

2. The Board objects to the proposed appointment of a key member of the administrative staff who is unproven in their respective role and was to be given a three year contract. This person has no experience of running a modern day football club which is a multi-faceted business.

3. The Board has examined in detail Mr Newton's business proposal and feel that it is not convincing and contains no real substance. The intended savings against budget are not achievable and will not improve the club

4. The club was unable to obtain references for Mr Newton & Mr Shaw.

5. The offer dated 13.08.10 was amended from the original proposal of £400,000.00 nvestment immediately.

The board of Port Vale Football Club are working hard to secure the financial future of the club and can confirm that many of the recent press and media reports have been misleading.

We are concerned about the lack of confidentiality and the manner in which the negotiations have been conducted. We feel that it is important to maintain the clubs stability and are concentrating on the future development of the club.