Glentoran: Shareholders back takeover plan at EGM

Glens manager Mick McDermott and first team coach Paul Millar
Mick McDermott and Paul Millar are both part of the consortium seeking to buy Glentoran

A proposed takeover of Glentoran by a consortium featuring manager Mick McDermott and coach Paul Millar has been supported by 96% of shareholders.

An EGM was held on Thursday night to discuss an offer from entrepreneur Ali Shams Mohammad Pour to buy the club.

The takeover needed the approval of 75% of the shareholders in attendance.

"This investment will allow the club to build for a positive future both on and off the pitch," said the east Belfast club.

British-Iranian businessman Pour has offered to make a 'substantial financial investment' in the Glens.

McDermott, Millar and Pour are three of the four listed officers of the East (NO1) Limited company that has made an offer for Glentoran's assets.

Irish chartered accountant Mark Glenfield is the other company director.

Club restructure

Glentoran added: "Shareholders of Glentoran Recreation Company this evening approved a proposal for a club restructure to facilitate investment by a London-based consortium at an Extraordinary General Meeting.

"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."