The pre-season saw a new manager appointed – experienced 47-year-old Micky Adams arrived at Vale Park on 5 June 2009.[1] Chairman Bill Bratt stated that Adams' goal would be to stabilize the club,[2] a point reiterated by observers such as Robbie Earle,[3] as well as Adams himself.[4] He made his first signing on 15 June, bringing 21-year-old Tommy Fraser to the club on a free transfer, who had played for Adams at Brighton.[5] He appointed Fraser as club captain.[6] After confirming the signing of Adam Yates, who was linked to the club before Adams' arrival, Adams signed Doug Loft, who had also played under him at Brighton.[7] After a pre-season friendly, Adams considered switching to a 3–5–2 formation for the season.[8] On 21 July, it was announced that Adams had appointed veteran striker Geoff Horsfield as player-assistant manager. He was still strengthening his squad early in the season, signing midfielders Jason Jarrett, Kris Taylor and Claus Bech Jørgensen on short-term deals. He also signed Jamie Guy on loan from Colchester United, Damien McCrory on loan from Plymouth Argyle,[9] and winger Lewis Haldane from Bristol Rovers – Haldane would later make the move permanent in January.[10][11] To raise cash he placed six youngsters on the transfer list.[12]
The season started with just one defeat in the first seven league games, demonstrating how Adams had made his side difficult to beat. Joe Anyon returned to fitness to play a reserve team game on 23 September,[13] but failed to displace teenager Chris Martin.[14] After a period of three defeats in seven days, including being knocked out of the League Cup at the third round, Adams decided to place his whole squad on the transfer list, saying of his team's performance: "We looked like a woman who had a big fur coat on but underneath she’s got no knickers on."[15] It was a controversial move, one that divided opinion among analysts and fans,[16][17] also bringing the fourth tier club to national attention.[18] The move appeared to many to be a motivational tactic.[19] He later admitted he merely played "a psychological game with them... [and] I don't think they fell for it – I don't think anybody fell for it".[20]Luke Prosser and Danny Glover both were shipped off to Conference National side Salisbury City on one-month loan deals.[21]Steve Thompson was released from his contract to join Telford United.[22] Three wins – including a cup win over League One Stockport County and a league win at local rivals Crewe Alexandra – and three draws within four weeks saw Adams nominated for the League Two Manager of the Month award for October 2009.[23] He signed a contract extension in November 2009, keeping him at the club until summer 2012.[24][25]
"The vision that I share with the board and the supporters is to win promotion. I think it can be achieved. It's all about short steps. The first one was to stabilise and we've done that. The players have bought into my philosophy and the next stage is to win promotion and establish ourselves as a League One club."
— Adams planned to push for promotion the following season.[26]
In November, Sam Stockley decided to retire on medical advice, having suffered an eye injury.[27] However, he later joined Hungarian club Ferencvárosi TC as a player-coach.[28] This allowed Adam Yates to make the right-back spot his own. Glover also left the club for a loan spell at Rochdale.[29] Arriving at the club was Bristol Rovers loanee Sean Rigg,[30] who would sign permanently at the season's end.[31]
In the January 2010 transfer window, Adams signed Lewis Haldane permanently, with Sean Rigg and Craig Davies signing on loan.[32] In February, Anyon returned to the starting line after young rival Martin was rested.[33] He performed well over seven games but made two costly errors that resulted in two goals and dropped points in the play-off hunt.[34] Thus he was consigned to the bench until the season's end. Luke Prosser, Danny Glover and Ross Davidson were also informed they would not be offered new contracts,[35] and Prosser immediately joined James Lawrie on loan at Kidderminster Harriers.[36] Both Glover and Davidson joined Stafford Rangers on loan. Adams' men stormed into the play-off places for the first time in the season with just two games left to play, following a 2–1 win over champions-elect Notts County.[37] Yet with just one point from their final two games, the Vale finished just outside the play-off zone.
They finished in tenth place with 68 points, boasting the best goals conceded tally outside the top three. They were four points short of Dagenham & Redbridge in the play-off zone – who would go on to win the play-off final. Only runaway champions Notts County lost fewer games than Vale, though only Macclesfield Town and Cheltenham Town picked up more draws. Marc Richards was the club's top-scorer with 23 goals, more than double that of his nearest rival.
On the financial side, rumours abounded. In July 2009, Bill Bratt spoke out to publicly deny rumours spread on Vale fan sites, specifically rumours of sponsorship deals with Basement Jaxx and Maplin Electronics. Bratt said the rumours were "inaccurate, spurious and damaging", claiming the speculation could damage genuine and confidential negotiations.[47] In November, Bratt announced that he was planning to retire as chairman at the end of the season,[48][49] though he later decided to stay on. Reports that Andy Townsend would be appointed as a football advisor also surfaced,[50] but never transpired. There also came statements that shirt sponsors Harlequin Property would invest £500,000 into the club, though again, this never materialized. Stoke-on-Trent city council gave the club a two-year repayment holiday for a £2.25 million loan in 2005.[51]