The club came out of administration in 2003–04 under a fan-ownership consortium headed by Bill Bratt's Valiant 2001 consortium.[44] However, Horton left in February 2004, unwilling to accept the financial cutbacks imposed by the new board, and was replaced by former player Martin Foyle.[45] Foyle was dismissed in November 2007, and his successor, Lee Sinnott, proved unable to prevent the club from being relegated into League Two after a 23rd-place finish and also oversaw a defeat to Southern League Division One Midlands club Chasetown in the FA Cup.[46] Sinnott was sacked in September 2008 and following an unsuccessful tenure from Dean Glover, Micky Adams was appointed as the club's new manager in June 2009.[47][48] Adams left the club in December 2010 with Vale second in the table and Jim Gannon was selected to finish the promotion job.[49][50] However, Gannon's turbulent reign ended after 74 days.[51] Adams returned as manager at the end of the 2010–11 campaign, but this was not enough to placate fans who demanded a change in the boardroom after a series of promised investments failed to come to fruition.[52]