Port Vale Chairman set for takeover talks with USA consortium

Port Vale chairman Norman Smurthwaite has annouced that he will hold cruical talks this week with a consortium from the United States who have shown intrest in buying the club. 

Smurthwaite opened discussions with the Americans after talks with an unamed bidder collapsed last Friday. 

The unnamed bidders had paid a fee for exclusive talks until the end of February. They then discussed extending the exclusivity deal until the end of March but that was never actually signed after talks ran into trouble.

Smurthwaite can't disclose their identity because he signed a confidentiality agreement with them.

He plans to fly out on Wednesday for talks and return on Friday, however if he feels a deal cannot be done then he plans to take the club off the market and prepare for staying in charge next season.

Norman Smurthwaite also said that if progress towards a sale is not made next week then he plans to fund a new signing to help manager Rob Page's play-off push for the final 10 games of the season.

The chairman has previously warned that, if he stays in charge next season, the player budget could be cut by £800,000, believed to be more than a third. He also estimated that the squad could be cut from the current 33 to a hard core of 18 and out of contract players could be asked to take pay cuts of between 30 and 40 per cent.

(MA)