Coventry born Norman Smurthwaite has put Port Vale up for sale.
The decision comes after Vale's FA Cup defeat at Exeter City on Sunday and Smuthwaite is quoted as saying: "I just feel I've let the club down because I've tried to do everything myself, which meant cutting costs to put every available penny onto the pitch.
"Clearly that must be wrong because (on Sunday), if the players had put the same amount of effort into playing as I do to finding the way to pay them every month, we'd have knocked that club for six.
"As things stand, it's not a 'distress sale'. The club isn't going to go bust.
"Having three years of nurturing this, I'm not going to take the first guy that's got the cheque. They've got to tick a lot of boxes for me." -