Port Vale have struck an investment and sponsorship deal with US company Ameriturf Global Sports (AGS) worth over £1.6million.

The 10-year agreement includes a £500,000 cash investment, the creation of four synthetic football pitches at Vale's proposed new training ground and sponsorship of annual pre-season tours to North America and the Caribbean.

Chairman Bill Bratt told Vale's official website: "AGS will, through this deal, acquire 24.9% of the club's shares and will be invited to choose and appoint two new board directors, subject to approval by shareholders at a subsequent EGM."

He added: "Like the current board, AGS believe in the community basis of football clubs and they want the majority ownership of Port Vale to remain in the hands of the supporters of the club, just as it is now.

"Hopefully fans and shareholders can now see what the board has been working on, and this is one of many reasons why we would urge all supporters to back the board at the June 1 EGM and to reject the proposed resolutions of that EGM."


 

It is proposed the cash investment will come in the form of a £400,000 purchase of new Port Vale shares equating to 24.9%, with the remaining £100,000 an interest-free loan until such time as the club's 24.9% ownership rule permits that loan also be converted into shares.

The news comes ahead of an extraordinary general meeting on June 1 called by supporters' group North London Valiants in the wake of increased pressure from disgruntled fans to oust the current board.

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