Dutch investors have resumed talks with the owners of Morton over a rescue plan for the cash-strapped club.
Facing a financial black hole of £335,000 after sponsors Dalrada failed to make scheduled payments, current projections suggest that the struggling Championship outfit could run out of money before the end of the year.
A fans’ fighting fund has raised over £50,000 and purchased some time to speak to potential external investors.
Concerned by the club’s financial plight, horizontal multi-club ownership group Estrella revised their original investment proposal of £750,000 over three years to £600,000 in return for a 35 per cent minority stake and two seats on the board.
The offer was pulled after a stormy AGM last month when a final vote on the deal by 1150 members of Morton Club Together failed to go ahead.
Alternative talks with a consortium of ten local businesses have yet to attract a firm offer, prompting a revival of the Estrella plan.
Unhappy with the information provided to members before the aborted vote, Estrella secured an admission that errors were made in an MCT communication confirming the revival of the deal last night.
“We take joint responsibility for not allowing MCT Members their right, all of whom are together owners of Greenock Morton Football Club, to be well informed and able together to make a key individual decision on the future of your Morton FC,” read a statement sent to members last night.
“The MCT Board and Estrella believe that as part of the safeguarding, modernisation and improvement of Morton and all it stands for and could be, a strong partnership between MCT and Estrella FG….under the ongoing opportunity of Morton being Community Owned, is an exciting and viable option.
“Both the MCT Board and Estrella Football Group were and still are keen to get the Estrella proposition back on track and have been discussing this in the days since the AGM to see whether the investment is still viable.
“Together with Estrella, we are currently exploring under which terms and conditions a potential investment can be structured. We are working hard behind the scenes to come to an agreement on these terms and conditions that could truly bring our club to the next level.
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“Of course, where any significant decision around Morton FC is required, the MCT Membership is the body that makes these decisions democratically. This is a fundamental facet of MCT and what makes the safety and success of our Club (and Cappielow) so strong.
“So, for example, where any proposal to invest in Morton FC is on the table, this will be shared with MCT Members who will be engaged and will make decisions about such matters.
“The proposal currently on the table will be shared with you once Estrella and the MCT Board believe the proposal should be placed back before our members.
“Significant due diligence work has already been done, and extensive negotiations have been held. Estrella still strongly believes in the project at your club, and has the best interests of Morton at heart.
“We will continue our conversations with Estrella with urgency, and will be very transparent about the process.”
In their latest club update, the Morton board confirmed that “the club's situation has deteriorated significantly, both financially and on the pitch.”
Under manager Ian Murray, a threadbare squad has lost eight of their nine games this season, their only league point coming in a 1-1 draw with Ayr United.
Estrella already holds stakes in clubs in Portugal and Italy and wants to install David Moyes Junior as Technical Director at Cappielow after securing partial funding of £40,000 from a third party.
Any revived agreement would be contingent on MCT members voting in favour at an EGM.
