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Page last updated at 15:34 GMT, Thursday, 13 January 2011

Glentoran future is secured after court settlement

Oval stadium in east Belfast
Premiership club Glentoran's home ground is at the Oval in east Belfast

The future of Glentoran Football Club has been secured after a petition from HM Revenue and Customs was satisfied and withdrawn in court on Thursday.

The two parties reached agreement over unpaid taxes in the region of £300,000.

The club had been the subject of a winding-up petition but a donation from a mystery benefactor paved the way for the Glens' survival.

Business Terence Brannigan has taken over as Glentoran chairman with Aubry Ralph stepping down to vice-chairman.

Ralph said he was satisfied with the outcome of the meeting.

"People will be brought on board to be responsible for bringing investment into the club as we want to take Glentoran out of debt and into profit.

"A salary cost protocol has been set in place by the IFA which will permit clubs to spend only a certain percentage of their allowable income and that will inevitably lead to a reduction in salaries.

"Our job is to keep a squad on the pitch which is within the boundaries of what we can pay," said Ralph.

On Wednesday night Glentoran shareholders backed radical proposals which helped safeguard the Oval club's future.

Changes to the club's articles of association were ratified by members at a special EGM.

The developments follow the issuing of a winding-up petition against the club in November.

The legal procedure surrounding the petition was adjourned at a court hearing on 9 December.

The East Belfast club has secured the financial backing of a mystery benefactor who has expressed a wish to remain anonymous.

One of the conditions for the financial injection was believed to be the addition of three new board members.

They are Brannigan, Brian Ambrose and David Russell.

Brannigan is the chairman of the CBI in Northern Ireland, Ambrose is chief executive of the George Best Belfast City Airport and Russell is former chief executive of the Hampden Group.

The new board is: Terence Brannigan (chair), Aubry Ralph (vice-chair), Brian Ambrose, Brian Gilliland, Stephen Henderson, Ian Kerr, John Moore, David Russell.

Two more board members are to be appointed shortly.

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see also
Glens winding-up court adjourned
09 Dec 10 |  Irish
Glens close to securing survival
02 Dec 10 |  Irish
Glentoran face winding-up action
26 Nov 10 |  Irish
Ralph confident of Glens survival
26 Oct 10 |  Irish
Glens face administration threat
22 Oct 10 |  Irish
Glens to sell Oval naming rights
21 Sep 10 |  Irish

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