BREAKING: Coleraine takeover completed as Ranald McGregor-Smith and Patrick Mitchell take the reins at The Showgrounds
The long awaited takeover at Coleraine Football Club has been completed as Bannsiders Holdings led by Ranald McGregor-Smith and Patrick Mitchell have agreed to purchase the Bannsiders.
Mr McGregor-Smith and Mr Mitchell, who both grew up in Coleraine before moving into business in London, have completed the transaction after the move was given the green light by members of the Friends of Coleraine who own the club back in August.
The seven-figure investment will be spread across the next five years which will see the north coast side adopt a full-time model ahead of the 2024-25 season.
The duo also confirmed that they wish to keep Oran Kearney in charge on the Ballycastle Road.
"It's really as fast as people can move, not that we want them to move ultra fast,” Mr McGregor-Smith stated about full-time football.
"But there are a few players who are pretty much full-time now in the squad.
“It's obvious that some are coming to the end of their careers and yet we want still want to keep them but what's the point of them if they've already got good jobs and they don't want to become full-time.
“We've got Oran Kearney who is part-time at the moment and we're talking to him about full-time.”
Whilst admitting the transaction took time to complete, the pair are simply looking forward to helping the club grow both and off the pitch.
Mitchell said: "Some people think it's taken a while to get to today, but these things take time. It's better to get it right than do it quickly.
"The club ownership structure is not just one person selling, there are 104 members of the Friends of Coleraine with a committee who represent their interests.
"The committee needed to represent the interest being expressed to them to ensure people are consulted and happy.
"I think the board have been great stewards of the club under the ownership of the Friends of Coleraine, who deserve eternal thanks for having rescued the club.
"However I think everyone recognises there's more that can be done, and with the investment into clubs across Northern Ireland we would like to be part of helping Coleraine to be part of that rising tide to increase the number of people in the catchment area who come to games.
"What you do off the pitch can be as important or even more important to what you do on it.
"There is a plan for that and we look forward to helping the board deliver it.”