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Chairman Crawford Rae says Greenock Morton's move to fan ownership can help them return to the top flight.

Rae confirmed his family will gift their majority stake to Morton Club Together at the end of next season "assuming they are in a financial position to make this happen."

The club rejected a takeover bid in favour of community ownership.

And Rae says his family's "biggest regret" is failing to take the second-tier side back to the Premiership.

But he believes the club - 32 years outside the top flight - are "on the cusp of something special" as they prepare to hand control to fans group MCT, which currently has 572 members who have raised £190,000.

"It was this vision that MCT displayed to our family that convinced us that community ownership was the best option for the future success of Morton and the right time for us to step aside," Rae added.

"The supporters have dreamed of Morton playing at a higher level and there is no better legacy than to afford the fans an opportunity to make this happen through their ownership."

Morton's Cappielow Park stadium will remain owned by Rae's Golden Casket company and be rented back to the club.

Douglas Rae bought a controlling interest in 2000 to save the club from liquidation, and handed the reins to son Crawford shortly before his death in 2018.