London-based businessmen complete Coleraine takeover

Ranald McGregor-Smith and Patrick Mitchell both attended school in Coleraine

Bannsiders Holdings, led by London-based businessmen Ranald McGregor-Smith and Patrick Mitchell, have completed their takeover of Coleraine Football Club.

Fans group Friends of Coleraine have been running the club since 2006 when they saved it from bankruptcy.

"This is not a vanity project for Patrick and me," said McGregor-Smith.

"Coleraine is our home town and the Bannsiders have been a part of that town for as long as either of us can remember.

"When the chance came up to invest in the club, we approached it with head and heart.

"As businessmen, we knew of the changes in football across Europe and the opportunities that these changes bring. As local men, we wanted to see our club get the most of this situation."

Coleraine said the deal was completed on Friday after "considerable due diligence conducted by all parties".

McGregor-Smith and Mitchell both attended school in Coleraine and have family ties in the area.

Coleraine chairman Colin McKendry said the club can expect "change as we implement a move towards a full-time playing model" with Mitchell saying a "number of players" may be full-time by next season.

"The sporting landscape is changing, quickly and dramatically," said McKendry.

"If we are to maintain the momentum we have built as a leading club in the Sports Direct Premiership, winning trophies and playing in Europe, the club must grasp opportunities as they are presented.

"Ranald and Patrick are very successful businesspeople. While their success was earned internationally, they have strong ties to the area, and they have decided that, to give back to their community they would invest into the football club."

Coleraine are currently seventh in the Irish Premiership table and host champions Linfield at the Showgrounds on Friday evening, live on the BBC iPlayer and BBC Sport website.

They last won the league title in 1974, the Irish Cup in 2018 and the League Cup in 2020.

"We are delighted to come on board as the club starts to prepare for its centenary," said Mitchell.

"It's our ambition that what we're doing will create sustainable foundations for the next hundred years of the club's life.

"We want to punctuate that with regular success and the excitement that brings to the whole region."