A MORTON fans investment group has struck a new deal to take over the club - with Cappielow changing hands and all the holding company debt written off.

Morton Club Together has tonight presented its members with a new proposal agreed with Rae family firm Golden Casket, which is set to see the club change hands this summer.

The package will be voted on by members and it is expected to pass.

Supporters had expressed concerns over the initial options that had been tabled last year - and MCT and Golden Casket subsequently held successful talks to hammer out a new and improved agreement.

Under the revised deal a new company will be set up and ownership of Cappielow - as well as Golden Casket’s 75 per cent majority shareholding in Morton - will be transferred into it.

The new property holding firm will be owned by MCT.

Ownership of the car park off Sinclair Street will stay with Golden Casket and the club will be allowed to continue using it, with the caveat that this can be withdrawn in future.

Funds currently held by Morton will remain with the club for community ownership.

MCT say this includes 'a significant proportion' of the £500k government grant to help the club get through the coronavirus pandemic.

A portion of this money has been used up on day-to-day running of the club through the pandemic and to cover Covid-19 testing regimes.

Officials from MCT say that by transferring Cappielow outwith Morton itself, the ground will be protected from any creditors should the club hit financial difficulties.

They added that this also enables the write-off of the current debt to happen 'in a tax-efficient manner for all parties'.

MCT describe the new arrangement as the 'best possible deal available for community ownership to be successful'.

Its members have until Thursday to cast their vote.

A spokesperson for Morton Club Together said: “An exciting new future is now within touching distance for Greenock Morton via community ownership, and should this deal be ratified by members, which we hope it will, we will move to make the final preparations for the transfer of ownership straight away.

“To give all members time to digest the new deal and cast this vote, we will be leaving the survey open until 5pm on Thursday.

“We feel this window is long enough to give all members an opportunity to vote, but also short enough that it allows us to progress swiftly should the new deal be given the green light.

“The two key messages that came through from our consultation were that members, and the wider fanbase, wanted a debt-free club with control of Cappielow – both these outcomes have been achieved.

“If members believe that they wish this deal to progress, then it will take several weeks for the lawyers of both parties to complete due the technical administration involved.

“MCT and Golden Casket are ready to commence this process immediately.”