Update: Toronto Investment Group

Having shared this information with Club Members earlier this evening, the Management Committee of Cliftonville Football Club provide our wider support with the following update:

We have been advised today that the Toronto Investment Group (TIG) has withdrawn its investment proposal to acquire ownership of the Club with immediate effect. This brings to an end a process that has involved many months of discussion, engagement and detailed scrutiny by the Management Committee and its professional advisers.

Throughout this period, the Management Committee has acted in what it believes to be the best interests of the Club and its Members, applying careful governance, legal and financial consideration to the proposal. While the Board remained open to securing long-term investment that could strengthen Cliftonville’s future, it also became increasingly concerned in recent months about the protracted nature of the takeover approach and the tensions that emerged as a result, both within the Club and among the wider membership.

Members will recall that the Extraordinary General Meeting (EGM) was recently adjourned. This decision was not taken lightly by the Chair of the meeting. The adjournment arose due to frustrations among many in the membership that the Management Committee was unable to secure key information from TIG that members reasonably required in order to make an informed decision of this magnitude. Following the meeting, the Committee continued to seek this information, which was not provided by TIG.

While the Board regrets that the process has not concluded in a more constructive manner, it believes that transparency, due process and Member confidence must always take precedence in decisions of this magnitude. In this case, the Management Committee are delighted that our scrutiny, and that of the Member-appointed sub-committee, have brought a conclusion to this long-running affair with an outcome that protects the long-term interest of the Club.

“The Management Committee will now take time to reflect on the position, stabalise matters, and consider next steps for the Club, including how best to pursue sustainable investment and development opportunities aligned with Cliftonville’s values, heritage and long-term interests.

“The Committee would like to recognise the contribution of John Turley of Turley Law and his team, together with Gary McErlean of Quarter Accountants for their professionalism throughout this process.

“Finally, we would like to thank Members for their patience, engagement and commitment to the Club during what has been a challenging and, at times, uncertain period. Further communication will follow in due course and the reconvened EGM will provide an opportunity for further discussion once we are clear on the additional information that can be shared.

Yours sincerely,
Management Committee
Cliftonville Football & Athletic Club Limited