The pre-season saw Brian Horton make several free signings: Jon McCarthy (Birmingham City); Brett Angell (Rushden & Diamonds); Ian Brightwell (Walsall);[1] Phil Charnock (Crewe Alexandra); Sam Collins (Bury);[2][3] and Mark Boyd (Newcastle United).

The club agreed to sell Stephen McPhee to Wigan Athletic for £300,000, though the deal fell through over personal terms.

There was a turnaround in form following a 1–0 win over Blackpool on 8 March, as eighteen points from the final twelve games of the season were enough to see off the fan's fears of relegation.

[14] On 12 April, Vale came from behind to beat Northampton Town at home after Horton angrily remonstrated with a supporter in the crowd who demanded his resignation whilst the club were a goal down.

At the end of the season, several players left the club on free transfers: Matt Carragher (Macclesfield Town);[16] Paul Byrne (Barry Town); Phil Charnock (Bury); Sean McClare (Rochdale); John Durnin (Accrington Stanley); and Rae Ingram (Bangor City).

Talks of Bell selling the club circulated at the start of the season,[17] as Staffordshire Police were forced to write off £100,000 worth of debt.

[35] The new board also appointed former player Andy Porter as youth coach,[36] and got the club's transfer embargo lifted in July.

[38] In the League Cup, Crewe made the first of their three visits to Vale Park (all of which they won) and advanced with a 2–0 victory, both goals scored by Rodney Jack.

[39] In the Football League Trophy, Vale advanced through the opening rounds with home wins over Hull City and Chesterfield (after a penalty shoot-out[40]).