MORTON’S board has given an update on finances, stressing that it’s important fans understand “the scale of the challenge facing the club”.
The board thanked everyone who has backed the Morton Fighting Fund which has brought in almost £50,000 over the past couple of weeks. Meanwhile Morton Club Together has seen an increase in membership which equates to around £1,400 per month.
The club has also strengthened the team through loan signings while reducing the overall player budget.
The board state: “The response from the Morton support has been extraordinary and demonstrates once again how much this football club means to our community.
“The money raised through the Morton Fighting Fund has been placed into a separate account and will remain there until it is required. We believe this is the right approach and ensures those funds are protected and available when they are needed most.
“However, while the fundraising response has been hugely encouraging, it is important to understand the scale of the challenge facing the club.
“The reality is that Greenock Morton is currently seeking to replace £335,000 owed by [sponsor] Dalrada. While we continue to seek payment of the sums owed, the club cannot plan on that basis alone and must prepare for all scenarios. August unfortunately saw no payments made by Dalrada.
“Based on our current projections, and assuming no significant change in circumstances, we believe the club has sufficient resources through to the new year with liquidity and no debt thanks to the fighting fund and other avenues being explored. The fighting fund remains a critical avenue for us while we explore all options.”
The board stated: “Alongside these measures, the club continues to focus on generating every possible pound of additional income while identifying opportunities to reduce costs wherever sensible and practical to do so.
“It is also clear that Greenock Morton requires external investment if we are to create long-term financial security. We recognise that this is not a challenge that can be solved through fundraising alone and that a sustainable long-term solution is required.
“Greenock Morton has consistently sought to operate within its means, maintain a debt-free model and align football ambition with income available. The challenge we face today is not the result of underlying financial weakness, but rather the loss of a significant income stream that had formed part of the club’s expected budget. While that presents a serious challenge, the underlying business remains stable if we can navigate this cashflow issue.
The statement continued: “We are also aware that supporters may question the addition of new players to the squad over the last two weeks given the financial circumstances outlined above.
“While we cannot discuss the specific contractual arrangements of individual players, we can assure supporters that these opportunities have been assessed carefully and are considered to make complete sense for the football club in its current position. They provide the manager with additional quality and options while remaining consistent with the financial discipline that is being applied across all areas of the club.
“We would like to thank the various parent clubs for their support. This work has been a huge testament to the efforts of our management team, who have worked incredibly hard all summer to source these opportunities and get them over the line. The reality is that over the last fortnight we have strengthened the squad significantly, while also reducing the overall playing budget.”
