Football Clubs News | Football Finance News
A New York-based hedge fund operator has explained his plans for League Two side Port Vale to around 100 football fans at an open meeting, according to a report.
The Sentinel reported that Stoke-born trader Mike Newton is awaiting the green light from the football club's directors before proceeding with his buyout and said he would seek to appoint a chief executive familiar with the game.
"If I'm going to put £400,000 in, I'm going to become chairman and I want control, but the chairman and chief executive cannot be the same person," he said. "It must be somebody who understands the football side."
Newton added that investment in the playing squad is unlikely to be an immediate priority if the deal goes ahead and explained that he will first look to reduce the team's overheads and increase incoming revenue.
Last year, Newton was appointed to the board of Oldham Athletic and reportedly grew up supporting Port Vale's arch-rivals Stoke City.
Written by Mark Thompson
Join now to help shape the beautiful game
© Copyright
21 October 2010
21 October 2010
21 October 2010
20 October 2010
20 October 2010
