Toronto Investment Group withdraw Reds takeover bid

The Toronto Investment Group (TIG) have issued a statement saying that they have withdrawn their investment proposal to complete a takeover at Irish League club Cliftonville.

Cliftonville members had voted overwhelmingly at an extraordinary general meeting in April in favour of accepting a takeover proposal from the Canadian consortium but the move has been hit by a series of delays, with negotiations seemingly having stalled and friction arising within the north Belfast club.

It was hoped the TIG takeover could see the Irish Premiership side move to a full-time model in the future and make improvements to their Solitude ground.

The statement released by the TIG on Monday said they were withdrawing their proposal "with heavy hearts" and "with immediate effect".

"This is a very difficult decision we feel compelled to have to take directly resulting from circumstances beyond our control," the statement read.

"We would like to wish Cliftonville Football Club every success in the future. We continue to believe, that with the right approach, trust and people in place, a welcomed investment opportunity would permit limitless potential for Cliftonville over the coming years," it added.

In a statement, Cliftonville said the club's management committee 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".

An extraordinary general meeting was adjourned earlier in January due to "frustrations" in the membership about details surrounding the takeover, and the statement added that the club's board "regrets that the process has not concluded in a more constructive manner".

"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 statement read.

"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.

"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."