Harper Macleod's corporate team advised Golden Casket (Greenock) Limited in relation to the transfer of the shares in Greenock Morton Football Club to Fan membership organisation Morton Club Together (MCT).
The move makes the Championship club now officially fan-owned, with MCT increasing its stake from 15% to a little under 90%, thus taking majority ownership and completing a two-and-a-half year process.
The long-standing relationship between Golden Casket (the Rae family’s firm and the club’s previous owners) and the club has been brought to a close now that the takeover has been concluded, with outgoing chairman Crawford Rae – son of former chair Douglas – expressing his belief that the move to fan ownership is a momentous day for the team.
“There is no better legacy for the Rae family than to afford the fans the opportunity of community ownership which is why we decided to gift MCT our majority shareholding as opposed to selling to a third party. The vision that MCT displayed to our family convinced us that community ownership was the best option for the future success of Greenock Morton Football Club and the right time for us to step aside.
“The last 20 years have been a rollercoaster of emotions for every member of the Rae family, we have met some great characters and made many good friends along the way. We could not have done any of this without the undying support of the Morton fans who have been the backbone of our team. For their contribution we will be eternally grateful. We have been assisted by so many fine people who have thrown their weight behind the task, giving of their time for nothing and we take this opportunity to thank them all for their tower of strength and friendship during our tenure.”
Craig Ramsay led on the corporate side with Solicitor Hannah Grace assisting and Partner Caroline Summers led on the property side with Frances Lombardi assisting. Partner John Pringle provided input from a banking point of view.