Port Vale Football Club has rejected a takeover approach from businessman Mo Chaudry with the board stating they do not wish to sell the club.
The Staffordshire based Npower League One side had been in discussions with an Anglo-American consortium last month but the latest statement suggests the board do not wish to give up the club.
A statement on the club’s official site said: “At a board meeting yesterday, this approach [from Mo Chaudry] was unanimously rejected and all members decided it will not be pursued at any stage in the future.
“Though the board welcomes approaches for investment into Port Vale, it is important to stress that the club's majority shareholders are not looking to sell Port Vale in its entirety. Furthermore, any sale of the football club would have to be sanctioned by 71% of its shareholders.”
The club was also critical of the continued speculation over any takeover. “Continuous speculation regarding possible 'takeovers' of the club is potentially damaging on and off the pitch, and will not be permitted to impact upon what is turning into an excellent season,” the statement added.