Coleraine FC: London-based businessmen Ranald McGregor-Smith and Patrick Mitchell complete takeover

Bannsiders Holdings, led by London-based businessmen Ranald McGregor-Smith and Patrick Mitchell, have completed their takeover of Coleraine Football Club.

In August, the club's fans ownership group agreed to sell its controlling share to McGregor-Smith and Mitchell.

Fans group Friends of Coleraine have been running the club since 2006 when they saved it from bankruptcy.

"This is not a vanity project for Patrick and me," said McGregor-Smith.

Coleraine said the deal was completed on Friday after "considerable due diligence conducted by all parties".

McGregor-Smith and Mitchell both attended school in Coleraine and have family ties in the area.

"We are so excited, unbelievably so," said McGregor-Smith.

"We're both Coleraine boys and we want to school here, and having the chance to come back and do something for the town is in your wildest dreams.

"We have had lengthy negotiations with the board and they are very comfortable with what we are putting in.

"What we are planning to do is make sure there is enough money for sustainable growth off the pitch and the players being full-time professionals."

'£2m not a guarantee'

A figure of £2m had been reported as the amount that was set to be invested by the new ownership. McGregor-Smith said "we would prefer to be discreet" but "it's enough for this club to make it move forward".

"The £2m figure is one we have recognised as what might be needed over the next five years or so," he added. "That's not what is guaranteed at the moment.

"We have got a consortium of investors and, over time, we will put in what is needed.

"We don't expect things to happen overnight. We are not going to go professional on Monday, but the plan is to build up from the end of this year and into next year so that at some point, hopefully by our centenary year in 2027, we are in a position to win the league."

Ranald McGregor-Smith and Patrick Mitchell both attended school in Coleraine

Mitchell added that the goal of the owners is "to be amongst the very best". He added that he expects a full-time professional model to be implemented on a phased basis from next season.

"Coleraine is a big club and we think it has potential to be even bigger," Mitchell added.

"I think it will happen on a phased basis. We are very much reliant on the management and the board as to when that happens and to what extend it happens, and which players go full-time first and so forth.

"We'd like to say by next season we would like a number of players to be on a full-time model."

Coleraine are currently seventh in the Irish Premiership table and host champions Linfield at the Showgrounds on Friday evening, live on the BBC iPlayer and BBC Sport website.

They last won the league title in 1974, the Irish Cup in 2018 and the League Cup in 2020.

'Coleraine shirts in New York'

McGregor-Smith added the new owners are "keen to stay here for as long as is necessary".

"If we end up, and our families end up, owning the club forever then that would be a joy.

"If somebody comes along who would be a better steward then we will happily talk to them in due course.

"We are both really excited about this opportunity. Every little boy who grows up wants to be a professional footballer, we were never good enough so this is the next best thing."

After recent investment in the Irish League from the USA, McGregor-Smith added that the new owners wanted to capitalise on the global growth of football.

"North Americans love the Irish connection. I want to see people in New York in Coleraine shirts."

Coleraine chairman Colin McKendry and his fellow board members backed the plan

Coleraine chairman Colin McKendry said the club can expect "change as we implement a move towards a full-time playing model" with Mitchell saying a "number of players" may be full-time by next season.

"The sporting landscape is changing, quickly and dramatically," said McKendry.

"If we are to maintain the momentum we have built as a leading club in the Sports Direct Premiership, winning trophies and playing in Europe, the club must grasp opportunities as they are presented.

"Ranald and Patrick are very successful businesspeople. While their success was earned internationally, they have strong ties to the area, and they have decided that, to give back to their community they would invest into the football club."