Bannsiders set to benefit from £2 million investment as Friends of Coleraine members vote in favour of new ownership

After months of speculation amid interest from two separate parties, the seven-figure investment has been given the green light after obtaining more than 75% of the vote from members who had the ultimate choice as to whether or not accept the offer on the table.

The club had interest from the United States but the influx of money will come from Ranald McGregor Smith and Patrick Mitchell who are both from the town and now live in London.

Mr Smith is an acquaintance of Larne owner Kenny Bruce who encouraged the former Coleraine Inst pupil to invest in his hometown club after initially rejecting the chance to do likewise at the Inver Reds.

Despite the proposal being approved by members at tonight's AGM, the acquisition of the club is subject to legalities being finalised before confirmation is given.

However, it is anticipated that this won't be an issue.

Once completed, the deal is expected to see the Bannsiders making imminent changes both on and off the pitch before fully completing a transition to full-time football for the 2024/25 season.

The general consensus around the club is that outside investment is needed to compete at the top table alongside Larne, Linfield and Glentoran who are currently full-time and all qualified for European football last season.

Coleraine have only won the Gibson Cup once in the club's history and with full-time teams occupying the top three spots in the Premiership table last season, supporters believe the only realistic chance they will get to challenge is by obtaining outside investment.

There had been fears about whether or not £2 million over five years would be enough to sustain full-time football, but Mr Smith and the Board have addressed those concerns.

The investment marks the second club in a matter of weeks to be bought over after American businessman Michael Smith took over at Carrick Rangers, with Glentoran and Larne also being bought over in recent years.