Glentoran Finally Debt Free.

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Amazing effort to turn round a £2m Debt for a part time club, when the gates could have been locked a couple of years ago.

The Board of Directors of the Glentoran Recreation Company is delighted to announce that effective from Friday 31st January 2020, the club has discharged all obligations to the final historic creditor, thus rendering Glentoran effectively debt free.
This is a remarkable turnaround for the club which at its worst had a debt burden close to £2 million. In September 2018 the gates of the Oval were locked at the behest of another historic creditor and the team was struggling on the pitch, with a debt still over £1 million. Now, sixteen months later, Glentoran has topped the Danske Back Premiership and is in a strong position in both the league title and the Sadler’s Peaky Blinders Irish Cup.
The Glentoran Family has its club and team back!
The repayment of the final debt has been accomplished through the collaboration and generous contributions of both our new investor, Mr Ali Pour, and the Directors of GFC1882 through generous contributions from Glentoran supporters’ Clubs and individual supporters and through personal loans by directors.
Truly a united family!
Ali Pour said of this historic development: “It’s been an absolute pleasure to be a part of Glentoran’s Climb back to the Top. The passion I’ve seen amongst the players and all the supporters has been truly inspiring! I’ve worked very closely with the management and the board and have committed myself to ensure that the club is financially stable in order to continue our journey.
I ask all the Glentoran family to give us your full support and efforts; together we can achieve success!!”
Glentoran Chairman Stephen Henderson: ““Today is a monumental day in the history of Glentoran FC. Today we stand on our own two feet in the external debt free daylight, having inch by inch clawed our way out of the abyss of debt over the last decade, a debt that crippled the club and threatened our very existence. We are humbled by the pulling together of the true Glentoran family and our investor to see us settle our debt with the final creditor. We didn’t walk away, we took the hard decision that we had to hold on to our integrity, our pride. Previous boards had spent the money on Glentoran, it was therefore the club’s moral responsibility to pay every penny back.
To have lived through winding up orders that gave the club less than 24 hours of life left, the negative publicity of not paying wages and the sadness of seeing the gates to our home locked. Having lived through and been responsible for the necessary cuts that had to be implemented to save the club, the decline in our on-field performances and the criticism that inevitably followed, today is landmark day. I pay tribute to the small group of people who refused to give up on Glentoran, who refused to let it die. They know who they are, but thank you simply doesn’t seem enough.
Was the pain, the heartache, the ridicule, the criticism worth it? Look around the club today and look at the faces of the new generation of fans coming through those gates on the path trodden by their forefathers. Yes, it was worth it. All of it.
The commitment of Ali Pour, the results being generated by Mick, Paul and our players coupled with the strength and determination of the true Glentoran family and volunteers means that we now stand on the threshold of a future to look forward to. That’s the best reward any of us could ask for, a successful Glentoran FC, ready to add new chapters to the storied history of this icon, our icon, of football in our country”
Glentoran Head Coach Mick McDermott: “I always said that this project is about building a Club, building a team and strengthening our connections with the Community; I believe we are on the right path in many ways, and part of this journey is ‘financial security’ - to now be free of the burden of debt and charges on our stadium is a massive step for GFC. Our owner - Ali Pour - deserves massive credit for his initial faith in this project and over the last 6 months his faith and belief has grown......due in large part to the Community support we have received; and by ‘Community’ I mean the Glentoran family......fans, volunteers, Supporters Clubs, staff, players, Directors.
I want to give thanks to Paul Millar who brought this project to reality and for his tireless work to make it a success”.
From this point we must move forward - together - with renewed vigour and determination to make this project successful.
....to the Future!”
 

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