Henry Ross goal to achieve feat which 'has never been done' in Irish League after revealing Coleraine were 'week away from bankruptcy'
Coleraine owner Henry Ross has revealed the Co Londonderry club was “only a week away from bankruptcy” 12 months ago and reaffirmed his desire to turn the Bannsiders into “the best club in the league”.
One year has now passed since Ross took over as Coleraine’s majority shareholder from Patrick Mitchell and Ranald McGregor-Smith following a significant investment.
During that time, Ross has appointed a new manager in Ruaidhri Higgins and completed a number of high-profile transfers, including the arrival of Joel Cooper from Linfield, as he looks to drive Coleraine towards their first Premiership title since 1974.
Higgins’ men were considered amongst the main pre-season contenders for Gibson Cup glory and have delivered on that promise so far, currently sitting top of the table.
"We have progressed faster than expected,” said Ross. “That is encouraging, but it also brings heightened expectation, which must be managed carefully.
"Our ambition is clear and unchanged: to build Coleraine FC into the best club in the league.
"This season marks a period of significant transition, with new management, new players and new structures. We will approach every match and competition with the ambition to win; however, the expectation this season is to qualify for Europe.
"Our long-term plan remains consistent. We are building towards delivering our first league title in over 50 years by our centenary season (within the next three seasons), and towards reaching the UEFA Conference League league phase within five seasons.”
Ross has also given an insight into the dire financial situation Coleraine found themselves in prior to his takeover.
The property developer has invested a significant sum as the Bannsiders continue operating a full-time model, but says the club will never be placed in danger.
In 2024, the Northern Ireland Football League (NIFL) announced new financial compliance regulations which will be fully in place by the end of the 2026/2027 season, with penalties of points deductions for clubs who fail to fulfil the aggregated two-year break-even compliance.
Ross insists Coleraine will be compliant with NIFL rules when introduced and outlined his mission to do something which “has never been done”.
"This time last year, the Club was at a genuine crossroads, only a week away from bankruptcy,” added Ross. “It was a moment that required decisive commitment.
"The year since has been demanding, with inevitable challenges, but it is encouraging to look back at the clear progress that has been made.
"The Club is financially secure. Investment has been deliberate, measured and subject to constant review.
"We are investing to modernise the Club, strengthen the squad, develop the academy and build an organisation capable of competing consistently at a higher level.
"There are clear safeguards in place to ensure the Club is never left in a vulnerable position. If circumstances were to change and the current strategy fails, we would act responsibly...I want to be clear that there is no scenario in which Coleraine FC is left in financial danger.
"What we are trying to do has never been done in this league. No club has become the top side while also being genuinely sustainable.
"Linfield have had long-term stability because of circumstances unique to them, and Larne’s rise has been remarkable but not yet self-sufficient. What we are attempting, top performance and long-term sustainability, is uncharted territory.”