Glentoran fans give £1m takeover proposal the green light at EGM
Glentoran's long term financial future looks to be secure after the club's shareholders voted overwhelmingly in favour of a proposed takeover of the club by a London-based consortium.
An offer from British-Iranian businessman Ali Shams Mohammad Pour to buy the club was given the green light by supporters at an Extraordinary General Meeting in the Park Avenue Hotel last night.
The takeover needed the approval of 75% of the shareholders in attendance and it easily passed with 96% of the votes in favour. One source told the Belfast Telegraph that around 96 votes were against the motion, compared to just over 2,200 in favour.
The Glens have been battling historic debts but it's now expected that investment of more than £1m will spark a restructure of the east Belfast club.
A Glens spokesperson said: "The Board of Directors of Glentoran are delighted that our shareholders have endorsed an investment in the club. This investment will allow the club to build for a positive future both on and off the pitch.
"More details of the agreed changes to club structure will be outlined to our supporters shortly.
"In the meantime, the priority is to enable Mick McDermott and the management team to implement their plans for next season."