Tuesday 2 May 2017 16:36, UK
Norman Smurthwaite has stepped down as Port Vale chairman after admitted he has "seriously damaged the club".
Port Vale were relegated from League One on Sunday following a 0-0 draw against Fleetwood Town at Highbury Stadium.
Smurthwaite bought the club and their Vale Park home from administrators in 2012 and has tried unsuccessfully to sell it at various points since - his place has been taken by club president Tony Fradley.
Smurthwaite sacked Micky Adams in September 2014 and replaced him with assistant manager Rob Page.
Portuguese Bruno Ribeiro was hired to succeed last summer and oversaw an influx of foreign players but his reign was a disappointing one and he resigned following a 1-0 defeat to Walsall in December left them 17th in the table.
Michael Brown took over as caretaker manager but could not guide the club to safety and Smurthwaite admits his decision to hire Ribeiro was a costly one.
In a lengthy statement, Smurthwaite said: "I took up the chairmanship of this great club four years ago, with the football club and its parent insolvent, a very large unpaid creditors list, and with no knowledge whatsoever of running a football club. Admittedly I seriously considered putting the club back into administration but the consequences of that would have been catastrophic so, having made my peace with Micky Adams, we agreed a course of rebuilding our club.
"I did not realise what a big asset Micky Adams was until he left us who, in reality, he was much more than just the manager. On his departure I became vulnerable without his structured management of the football department. Being focused in trying to stabilise the club I ignored and took for granted the most important asset the football club has, and that is you the supporters. When I really understood that, I think for some of you that was unfortunately too late.
"In thinking outside the box last summer I have clearly seriously damaged our club, resulting in Sunday's relegation which was never my intention as the club is now a very big part of my life. I deeply regret the actions and appointments I made during the closed season and would like to apologise sincerely to all supporters, Port Vale staff and the wider Burslem community for the impact of my decisions last summer."
Smurthwaite confirmed Vale CEO Colin Garlick will oversee the club's transition to League Two as he departs with immediate effect.
"It is with a heavy heart that I have decided to stand down as chairman with immediate effect and relinquish all remaining duties that I am involved in," Smurthwaite continued.
"I will leave it to Colin Garlick the club's CEO, and the team he is building, to work through what will be a very difficult period for the football club.
"I will not be making any further comment or statement until the football club is sold but will endeavour to ensure that the right party purchase the club. I will also not be attending any games at Vale Park going forward."
