Port Vale chairman Norman Smurthwaite has confirmed he has put the club up for sale.
The decision was triggered by Vale's 2-0 FA Cup defeat at Exeter on Sunday, where it was the players' hurried exit from the pitch that stuck in Smurthwaite's craw most.
400 fans has made the trip down to the south coast and the Valiants chairman made his own way to the supporters' coaches after the game to apologise and offer thanks for their dedication, before returning pitchside at St James Park to held lengthy discussions with manager Rob Page.
Upon reviewing his own position at the club yesterday Smurthwaite has said a new owner is needed in order to achieve progress.
Having pumped in £800,000 as chairman since 2012, Smurthwaite expressed his disappointment to the press: “I just feel I've let the club down because I've tried to do everything myself, which meant cutting costs to put every available penny onto the pitch.
“I think the fairest thing to the club is that, if there is somebody who has the ambition, and maybe has the energy and a team of people instead of me doing it on my own, is to come in and take the club over. So the club is up for sale.”
Finishing by saying of the club's current position of 11th in League One, “I read that Rob says we are punching above our weight. Well Burton's budget is about 30 per cent less than ours. If I thought for one moment we would be punching above our weight I would have kept the £800,000 and spent it on something else.”
Port Vale missed out on a revenue-boosting home draw with Liverpool as a result of their FA Cup exit at Exeter.
