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[an error occurred while processing this directive] Wednesday, 8 August, 2001, 01:54 GMT 02:54 UK
Morton are saved
Professor Pickett's consortium are a step closer
Professor Pickett's consortium are a step closer
Morton's future has been secured after shareholders and creditors agreed to support the consortium led by Professor James Pickett.

The news quickly followed an agreement reached between the club's administrator and Morton owner Hugh Scott, who is now willing to sell the club to Pickett's group.

Morton's future has been in the balance for months with the battle to take over the club turning into a slanging match between the parties involved.

It now appears that the sides are as close as they have come to an agreement.

It is now up to the consortium to lodge a formal bid, though it is understood a fee has been agreed between the consortium and Scott via Graham Martin of administrators Kroll Buchler Philips.

The administrators said on Tuesday: "Late last night, following a day of negotiations, the shareholders and the creditors voted to support the proposal for a company voluntary agreement that ensures that the consortium can take control of the club."

Renewed optimism

Martin added: "This is tremendous news for all those involved with Greenock Morton and the approval of the CVA effectively saves the club.

"Out thanks go to the Scottish Football League, who have been very supportive throughout.

"But also to the club and its supporters, who have faced months of uncertainty yet whose loyalty to the club has been unstinting.

"This announcement means that everyone can now look forward to the season ahead with renewed optimism."

Last week, the consortium was given a management document to enable them to sign players for the first game of the season on Saturday.

SFL officials worked until 2230BST on Friday to register the players.

The makeshift side recorded an impressive 4-1 victory over Stenhousemuir on their return to Division Two.

See also:

04 Aug 01 |  Scot Div 2
Morton 4-1 Stenhousemuir
20 Jul 01 |  Morton
Cormack set to be Morton boss
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