Cliftonville club members have voted to accept a takeover proposal from the Toronto Investment Group at an extraordinary general meeting on Wednesday night.

A club statement said that the Irish Cup holders’ “legal representatives will now engage with their counterparts at TIG on the next step of a continuing process”.

Any takeover by the Canadian consortium could see the north Belfast club move to a full-time model and make improvements to their Solitude home.

Reds boss Jim Magilton feels the possible developments could help his side be more competitive in the Irish Premiership and the transfer market.

“I think any investment in a football club is a good thing,” said the former Northern Ireland and Ipswich Town midfielder before the EGM.

“I really do believe that, as long as it’s very clear and transparent in what the investors want to do and approach it.

“Ultimately if we can then finance to bring in good players, I think we’ve done a really good job with that, but some of the players that we’ve spoken to we just haven’t had the financial capabilities to bring them in.

“If that changes then we’ll put ourselves in a better position and maybe be more competitive in the league.”

Cliftonville will be bidding to retain the Irish Cup when they meet Dungannon Swifts in the showpiece final at Windsor Park, a ground where they have already lifted the BetMcClean Cup this season.

Their league form has, however, been inconsistent and they failed to make the top six before the end-of-season split.

Magilton added that at this stage he did not know how the club would look under new owners.

“The legalities of a takeover are as such that I’ve stayed out of that and that will be down to the members and the board,” he added.

“If they get that over the line, then it’ll be conversations ongoing after that.

“It has to be signed, sealed and delivered or you won’t really know. We have to make plans for both scenarios.

“Whatever one works out, we just have to get on with it.”