Community Ownership Deal Announcement

Community Ownership Deal Announcement

Morton Club Together (MCT) are delighted to announce that the deal for community ownership of Greenock Morton has been ratified by our members.

The deal for community ownership was put to MCT members on Sunday 25th April with the vote remaining open until Thursday 29th April at 5pm.

562 members cast their vote in this historic ballot, with 561 supporting community ownership proceeding under the terms outlined.

Greenock Morton will now become a community owned club this summer.

The legal process is underway between the lawyers of Morton Club Together and Golden Casket, and the intention remains for the change of ownership to take place on June 1st 2021.

The key terms of the new deal are:

  • The full debt currently owed by Greenock Morton to Golden Casket will be written off.

  • A new company will be set up and ownership of Cappielow, as well as Golden Casket’s 75% ownership of Greenock Morton will be transferred to this new company.  The new company will be owned by Morton Club Together, ensuring Cappielow is in the control of the fans.

  • The above will mean that Morton Club Together will own approximately 90% of Greenock Morton – Golden Casket’s 75% and the current 15% held already by Morton Club Together.

  • Ownership of the car park will remain with Golden Casket and the club will be permitted to use the land as a car park when required.  This agreement is at the discretion of GC and can be withdrawn in future.

  • Funds currently held by Greenock Morton will remain with the club for community ownership.  This includes a significant proportion of the government grant which continues to help the club get through the Covid pandemic and provides a strong financial foundation. A portion of this money has been used to date for Covid testing and day to day running of the club through the pandemic.

Morton Club Together Director Gordon Ritchie said;

“We are delighted that the deal has been ratified by our membership and that community ownership will proceed.

“This is a significant moment for Greenock Morton and an exciting future lies ahead.

“We realise the threat of relegation leads to uncertainty, but community ownership is a long-term project, and we are focused on a successful new era for Greenock Morton.

“Budgets are in place for Championship or League 1 football.  Of course, we hope the team will maintain their Championship status, but regardless we are committed to push forward under community ownership.”

Founder Graham McLennan added, “Just over two years ago, MCT was started with the hope of providing a bit of financial support to the first team budget.  It is quite incredible that we have gone from a simple idea, to making community ownership a reality in such a short space of time.

“I want to say a huge thank you to all of the incredible volunteers who have helped make this journey possible, and to all our loyal members who have supported us along the way.”