'Long and prosperous association' hope as Cliftonville confirm Toronto Investment Group takeover 'yes' vote
Cliftonville have become the latest Irish League club to give the green light to outside investment – with a multi-million pound deal accepted on Monday night.
The Extraordinary General Meeting produced a majority vote by members beyond the 75% required to pass in favour of a Special Resolution to complete the long-running takeover bid by Toronto Investment Group (TIG).
A £3million-plus figure has been reported, with investment across a three-year period.
A club statement confirmed the news as follows: “At this evening’s Extraordinary General Meeting of Cliftonville FC, Members of the Club voted in favour of a Special Resolution authorising the Board of Directors to complete an investment agreement with the Toronto Investment Group.
"We thank all of our Members for their attendance at tonight’s meeting, for their attentive examination of the transaction structure presented by the Club’s legal representatives and for participating in the historic poll that has shaped the future of Ireland’s Oldest Football Club.
"We look forward to a long and prosperous association with Drew Green, John Muffolini, Ron Davidson and Conor Devine, and extend sincere gratitude for the professionalism and commitment they have demonstrated throughout this process.”
The process has included a number of twists and turns over the past two years but now Cliftonville fans can expect to join Larne, Coleraine, Glentoran and Linfield as one of five Premiership full-time clubs. Carrick Rangers and Glenavon have also accepted international investment in recent seasons.
It is understood TIG plans will feature investment in the playing squad and improvements to the club’s Solitude ground within an ambitious strategy.
Cliftonville have recorded wins over the opening two games of the Premiership season to sit as current league leaders.
Ahead of the Irish League season’s kick-off, Cliftonville captain Rory Hale highlighted the importance of investment.
The Reds have won both the Irish Cup and League Cup under manager Jim Magilton. However, Cliftonville finished 13 points outside the top four in last season’s league campaign as fifth and Magilton has had to rebuild following significant key departures across past transfer windows.
Hale flagged up “we want Cliftonville challenging on all fronts – that can only happen with investment”.
He added: "We're doing as best as we can on the shoestring budget Jim's on, but investment allows us to go to full-time football and stops our best players moving to rival clubs.
"We want to keep them, and the only way we can do that and bring in quality is with investment. If it does come in, I only see it being a benefit to us.
"I want to be going into next year with clubs fearing Cliftonville.”