Mike Newton has expressed his sadness after Port Vale's board rejected his offer to invest £500,000 into the club.
In a joint statement, Vale's eight directors confirmed they voted by majority decision, reportedly 5-3, against the New York-based businessman's investment plan.
Newton, who wanted to replace Bill Bratt as chairman, said: "I will go to bed £500,000 richer while Port Vale continues to live from hand-to-mouth. That saddens me but the fans should realise I have not gone away and will continue to actively monitor the position while ensuring I do not become a distraction to the serious business of League Two promotion."
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