Port Vale chairman Bill Bratt has revealed initial talks with Mo Chaudry about a possible takeover have gone well.
The local businessman, who failed in attempt to take control of the npower League Two club in 2003, met with the Vale board on February 14, but Bratt has warned fans not to expect an immediate resolution.
"To sell a football club isn't a week's work or a month's work, it's three months' work," Bratt told BBC Stoke.
"The talks went okay, but there are a lot of questions to be asked about how things are going to go forward.
"We are continuing dialogue and we will continue that until a result is achieved.
"He [Chaudry] has come back to us with a letter outlining his proposals, we're looking at that and we've already gone back to his solicitors to ask for more clarification."
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