In the FA Cup, Vale narrowly avoided humiliation by beating non-League Ford United after the replay went to extra time.

Stephen McPhee was Player of the Year and top-scorer with 27 goals, but he left the club at the end of the season to play abroad.

[2] The pre-season saw Brian Horton bring in three key players on free transfers: George Pilkington (Everton);[3] Jonny Brain (Newcastle United);[4] and Austrian Andreas Lipa (Skoda Xanthi).

They responded to this defeat with a 2–0 win over title-favourites Queens Park Rangers as goals from Paynter and McPhee secured the three points despite a red card for Rowland after he put in a two-footed challenge on Marcus Bean.

Vale lost just two of their final twelve games and ran close to a play-off place, only losing out due to their inferior goal difference.

They won 2–0 at Rushden & Diamonds on the final day, but Swindon Town and Hartlepool United played out a 1–1 draw to ensure they both finished in the play-offs instead of Vale.

They were level on points with Hartlepool United and Swindon Town but finished outside of the play-off zone due to their inferior goal difference.

At the end of the season several players left the club: Neil Brisco (Rochdale); Liam Burns (Bristol Rovers); Adrian Littlejohn (Lincoln City); and Dean Delany (Shelbourne).

[22] Player-coach Ian Brightwell also left Vale Park, having lost his assistant manager role to Glover,[23] and joined Horton at Macclesfield Town.

One feature of the season proved to be the long-running courtroom battle between former chairman Bill Bell and owners Valiant2001 over unpaid rent on the club shop.

[29] In March 2004, Machin and director Geoff Wakefield were voted off the board, as the 'Jackson Five' clique elected Peter Jackson and Stan Meigh in their place.