Port Vale chairman Bill Bratt has refuted rumours the club's proposed £500,000 investment deal with Harlequin Property has collapsed.

The company are already Vale's first-team shirt sponsor but it has been more than seven months since they outlined their plans to become the club's majority stakeholder. With no indication of when any deal will be finalised, speculation at Saturday's 2-0 defeat by Morecambe suggested it had fallen through.

But Bratt told The Sentinel: "The rumours are not true and we are still involved in discussions with Harlequin.

He added: "We are hoping to go forward as and when the legalities surrounding the deal are sorted out."

"I don't know where this rumour has come from. I know this has been a drawn-out situation, but when solicitors are involved that is always the case."

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