Board must find investment or consider Mo

I WAS pleased to learn that representatives of the Vale board have had a proper, face-to-face discussion with potential investor Mo Chaudry.
Whatever you think of either the directors or the multi-millionaire owner of WaterWorld, conducting affairs through the media or fan websites does no-one any favours.
The club’s PR in recent months has been shocking and the directors did themselves no favours by seeming to dismiss this latest investment offer out of hand.
It meant that Mr Chaudry was making all the running – doing all the interviews and making all the noise.
There is still much scepticism among fans over whether or not these meetings will amount to anything more substantive.
To my mind, the major stumbling block remains the board’s refusal to abandon the 24.9 per cent rule.
Originally put in place to protect the club against sole ownership by someone who didn’t have the Vale’s best interests at heart, the rule seems to me to have become a stumbling block to investment.
Or, if you prefer, it allows the current directors to cling on to power.
I’ve never believed the latter to be the case – I simply think that the directors have become paralysed by the fear of handing over control to a group or individual who is then unable to secure the long-term future of the Vale.
I understand this reticence to take a leap of faith and I can also see the progress that has been made off the field during Valiant 2001’s tenure. The board deserve credit for this.
However, on the field the fact is we have stagnated in recent years and only during Micky Adams’s brief spell in charge did we look like we were going places.
To my mind, we need about £5m to put the club on an even keel financially.
The problem the board has is that despite managing to secure some investment it has been sporadic and not large enough to take the club forward.
We seem to have been waiting for Harlequin to deliver their big investment since the dawn of time.
It may eventually happen, it may not.
The board needs to either unveil a large investor soon or start to think very seriously about Mr Chaudry’s offer.

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