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Glentoran have today confirmed they are debt free and on a secure financial footing to challenge for major honours in the Irish League.

The Oval board has revealed that as of January 31, the East Belfast club, which once carried a debt burden of almost £2m, has discharged all obligations to its final creditor.

The repayment was made through contributions from wealthy new owner Ali Pour, directors of GFC 1882, supporters clubs and personal loans by directors.

Pour, who fronted a summer takeover of the Mersey Street outfit, said it was “a pleasure to be a part of Glentoran’s climb back to the top”.

In a club statement, the British-Iranian businessman added: “The passion I’ve seen amongst the players and all the supporters has been truly inspiring.

“I’ve worked very closely with the management and the board and committed myself to ensure that the club is financially stable in order to continue our journey.

“I ask all the Glentoran family to give us your full support and efforts as together we can achieve success.”

It is a remarkable turnaround for the Glens who faced a winding up petition in 2010 over an unpaid tax bill until a wealthy benefactor stepped in to rescue the club.

As recently as September 2018 the gates of the Oval were locked at the behest of another historic creditor and the club was wrestling with debts of more than £1m.

Sixteen months later the Big Two giants, under the guidance of Mick McDermott and Paul Millar, are on a firm financial footing and lie top of the Danske Bank Premiership.

Glentoran chairman Stephen Henderson said today’s announcement after a decade in the doldrums represents a “monumental day” for the club.

He added: “Today we stand on our own two feet, having inch by inch clawed our way out of the abyss and a debt that crippled the club and threatened our existence.

(Image: GLENTORAN FC)

“We are humbled by the pulling together of the true Glentoran family and our investor to see us settle our debt with the final creditor.

“We didn’t walk away. Previous boards had spent the money on Glentoran and it was therefore the club’s moral responsibility to pay every penny back.”

Henderson, who was appointed chairman in 2014, said the financial constraints and “pain and heartache” of recent years had been worthwhile in the long run.

He added: “To have lived through winding up orders, the negative publicity of not paying wages and sadness of seeing the gates to our home locked.

“Having lived through and been responsible for the necessary cuts that had to be implemented to save the club, the decline in on-field performances and the criticism that followed, today is landmark day.

“I pay tribute to the small group of people who refused to give up on Glentoran, who refused to let it die. Was the pain, heartache, ridicule and criticism worth it?

“Look around the club today and at the faces of the new generation of fans coming through those gates on the path trodden by their forefathers. It was worth it. All of it.

“The commitment of Ali Pour, the results being generated by Mick, Paul and our players coupled with the strength and determination of the true Glentoran family and volunteers means that we now stand on the threshold of a future to look forward to.

“That’s the best reward any of us could ask for, a successful Glentoran Football Club.”

Glentoran boss McDermott paid tribute to owner Ali Pour and his first team assistant Millar who played a key role in getting the investment across the line in the summer.

“I believe we are on the right path and part of this journey is ‘financial security’, so to now be free of the burden of debt and charges on our stadium is a massive step,” he said.

“Ali Pour deserves massive credit for his initial faith in this project and in the last six months his faith and belief has grown, due in large part to the community support we have received.

“And by ‘Community’ I mean the Glentoran family - fans, volunteers, supporters clubs, staff, players and directors.

“I also want to give thanks to Paul Millar who brought this project to reality and for his tireless work to make it a success.”

Glentoran, who progressed to the quarter-finals of the Irish Cup at the weekend, return to league action this Saturday with a home fixture against Coleraine.

The Ovalmen last won the league title under the late Alan McDonald in 2009 but are now 7/2 joint favourites with Crusaders behind reigning champions Linfield to lift the Gibson Cup in April.