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Fans group Morton Club Together believes it is well on its way to a community buy-out of owner Crawford Rae after raising £166,000 in eight months.

Golden Casket, the food manufacturer Rae chairs along with the club, has now gifted MCT a 15% shareholding - making it the second largest grouping.

MCT was created after Rae said he would no longer subsidise Morton.

Founder Graham McLennan said: "As a family, they've now indicated a willingness to pass it to a new era."

The non-profit company has announced that, after community ownership was backed in a survey of its 390 members, it will explore the viability of pursuing that goal.

"The Rae family believe that community ownership could be the best way forward and have agreed with us to support the due diligence process," McLennan told ³ÉÈË¿ìÊÖ Scotland.

"We've already had the debt that Morton faces reduced by £500,000 and have an agreement with majority owner Golden Casket to have the remaining £2m debt written off by the end of next season assuming we hit our target of contributing £400,000 to the first team in that period.

"Almost 400 MCT members have already contributed £6000 a month to the Morton first-team budget since August, which has boosted funds available to the manager by more than 20% this season."

In response, Rae - whose father, Douglas, saved Morton from liquidation in 2000 - gifted the 15% shareholding, although MCT will hand back a proportion of shares if it fails to raise £250,000 by the end of next season.

"It won't be Armageddon if we don't reach that total, but we hope that entering this process will encourage more fans to contribute," McLennan said.

Morton are now operating under "a break-even budget" and currently sit second bottom - the relegation play-off spot - in the Scottish Championship.

MCT points out that, as well as boosting its takeover plan, any donations will more immediately help manager David Hopkin in the January transfer window as they look to steer clear of danger.

The group claims it is "the only game in town" and MCT director Stewart Farmer said: "Morton fans could choose to continue to wait around for a white knight to appear over the horizon and there's no indication that this is going to happen."

Rae stressed his willingness to assist a move to community ownership if MCT can "demonstrate a cogent plan".

"My family have invested significant resources into Greenock Morton Football Club for over two decades as it was my father's principal ambition to return the club that he loved back to the top flight of Scottish football," he said.

"It is therefore imperative for me to ensure that the legacy my father has left behind can flourish, grow and hopefully achieve this ambition for all the people of Inverclyde."