"The first action has been for the club to purchase Vale Park in its entirety and bring it back under the ownership of the club.

"All future revenue generated within Vale Park will remain within Port Vale Football Club.

"On behalf of the club, Carol and Kevin would like to thank everybody for their huge support during this process and look forward to the future success of Port Vale."

The Shanahans are long-standing Port Vale fans and first registered their interest in buying the club three years ago.

Smurthwaite, who had been in charge of Port Vale since 2012 when he bought the club from administrators, said in March that he had rejected three offers from Synectics Solutions.

The 58-year-old businessman had been under increasing pressure from a section of fans who protested against his running of the club.

Smurthwaite said the abuse he had received from some supporters had reached "disgraceful" levels, and he promised to put the club into administration if he could not find a buyer by the start of May.

Vale finished the League Two season in 20th place, eight points above relegated Notts County.

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