Port Vale have revealed they are holding initial discussions with former Oldham director Mike Newton over possible investment. The New York-based businessman has told local press he is willing to invest a "significant six-figure sum" into the League Two club and will make a formal proposal to Vale's board of directors in the middle of July.

Newton, who recently resigned from his position at Boundary Park after just one season with the club, originates from the North Staffordshire area and is also believed to be looking for a place on the board at Vale Park.

Although an official statement from chairman Bill Bratt on the club's website contained less details and insisted talks were preliminary. It read: "Port Vale football club have been in discussions with Mr Mike Newton (previous director of Oldham Athletic FC) with a view to making an investment into the club. These discussions are at an early stage and do not exclude or preclude the planned investment by Harlequin.

"As soon as we have a more definitive agreement a further statement will be issued."