POTENTIAL investors in Greenock Morton have pulled out because they did not want their identities revealed.
But the community-owned club’s board have confirmed that it may be able to secure loan financing.
The board warns that tight budgeting is essential as there is no longer “one wealthy individual propping up” the club.
An update to fans on the club website continues: “There is nobody there to write off any and every loss made, or supply funds whenever the club is in need.
“The reality of this is that, if money runs out, the club is then in danger. We cannot risk overspending.”
The board add: “First team manager, Dougie Imrie, has worked extremely hard to assemble the 20-man squad he currently has, with lots of business done early in the window to allow the team to get a full pre-season together and prepare for the start of the campaign.
“The board and Dougie have had many honest conversations about the budget, and while we would all love it to be bigger, we must be sensible with our spending.
“Every effort is being made to supplement the money available with lots of hard work going on behind the scenes to try and generate additional income or make savings elsewhere but the reality is that funds are extremely tight.”
Morton Club Together (MCT) has voted to allow its 90 per cent stake in the club to be reduced through the sale of shares to investors.
The board state: “There was at least one party that was prepared to invest in the club in this way, with a couple of other early conversations with other potential investors.
“However, these investors have now backed out of investing in the club in this way, as they were not prepared to waive their anonymity.
“The MCT board and MCT representatives on the Morton board believe giving MCT members all of the information about potential investors was an absolutely vital part of that process
“There are currently no conversations ongoing with any potential investors to invest in the club in this way.”
But they add: “We have had initial conversations with individuals who believe in the idea of community ownership and may provide us with additional funding on an interest-free loan basis.
“There has also been another approach from a currently anonymous consortium of businessmen to provide the club with a loan.
“The terms of this consortium’s offer are still being discussed and will be put to the MCT membership once confirmed.”
There are nearly 850 season ticketholders, nearly 200 of whom are under-12s. MCT has around 950 members who are contributing £10,000 a month to the club.