Greenock Morton: Scottish Championship club set for fan ownership
- Published
Morton must triumph in the play-offs to preserve their Championship status
Greenock Morton - and their Cappielow Stadium - are set to come under community ownership this summer after a fan investment group backed the deal.
Current chairman Crawford Rae's Golden Casket company will transfer its 75% share to Morton Club Together (MCT), who already hold 15%.
Under the terms, debts owed to Golden Casket by Morton will be written off.
MCT says "the legal process is under way" to ratify the takeover, which it hopes will go ahead on 1 June.
All funds currently held by Morton - including a "signification proportion" of the £500,000 government grant received this season - will remain with the club.
While Cappielow will be handed to the fans, Golden Casket retains ownership of the car park, which can be used by the club when required.
All but one of the MCT's 562 members voted in favour of the latest proposal for community ownership.
Gordon Ritchie, director of the supporters' group, said: "We are delighted 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."
MCT was established in April 2019 after Rae, whose father, Douglas, saved Morton from liquidation in 2000, indicated his food company would no longer subsidise the football club.
Morton finished second bottom of this season's Championship and will go into the play-offs as they bid to secure survival.