Belfast Telegraph

Glentoran all set to seal takeover deal worth over £1m

 

In charge: Glens’ Mick McDermott
In charge: Glens’ Mick McDermott

By Graham Luney

The proposed takeover of Glentoran by a London-based consortium is expected to go ahead after constructive negotiations with a creditor.

An offer from British-Iranian businessman Ali Shams Mohammad Pour to buy the club was given the green light by shareholders at an Extraordinary General Meeting last month but there were fears the takeover was set to collapse.

The Belfast Telegraph understands, however, that a resolution is within sight and the club could make a positive announcement soon.

A Glentoran source said: "We are very hopeful the final hurdle we have faced will be overcome."

The takeover move, which has seen Mick McDermott come in as manager, along with coach Paul Millar, will allow investment of more than £1m to restructure the club.

After battling debts for many years, the new set-up will secure the club's long-term financial future.

Belfast Telegraph

Popular

From Belfast Telegraph