First Trust Bank sold a historic debt owed by Glentoran Football Club earlier this year. This was done without any formal warning. Club shareholders were formally informed of this at the company AGM in June. Shareholders were also informed at the AGM of the actions in place to ensure the debt would be fully repaid by the club in an organised and structured manner.
The club was shocked that First Trust took the arbitrary decision to ignore its societal obligations by selling this historic debt without consideration for the impact of the decision on the community in East Belfast.
We accept that Promontoria (Pine) Designated Activity Company have purchased this debt and expect full repayment. The club has been developing a strategy for some months to ensure that this happens at the earliest possible opportunity. We continue to work with Promontoria and other parties to ensure that this happens in a reasonable manner that enables the club to fulfil all its commitments within football. An agreement was signed on Friday to that effect.
We emphasise that this was an issue of historic debt accrued by previous regimes at the club. It is categorically NOT a cashflow issue. The club operates within its means, has been trading profitably for five consecutive years and anticipates this situation to continue this season.
All stakeholders both inside and outside football were fully informed of the situation.
The Board of Directors
Glentoran Football Club
Saturday 29 September 2018