Port Vale chairman Bill Bell is prepared to sell his majority shareholding to help solve the cash-strapped club's financial problems.

Bell will give fans the chance to buy shares at �10 apiece, but says all purchases must be in multiples of �5,000.

"I'm hoping for an immediate response as this will lead to the club clearing its worrying debts, enabling it to go forward," Bell told BBC Radio Stoke.

"When the shares have been sold we will hold a meeting to elect a new board of directors."

The chairman's announcement follows last week's move by supporters' organisation Valiant 2001 to buy Bell's shares.

They had previously failed with an offer of about �1m in 2001.