Published Thursday, 20 December 2012
Glentoran and McLean's Bookmakers held a press conference on Thursday. (© Pacemaker)
The Glens also plan to build a new stadium in east Belfast in three years' time.
Paul McLean, of McLean Bookmakers, said: "We came onboard this year as the main sponsor of the club. Everybody will be aware that there have been financial difficulties at Glentoran.
"As the main sponsor we were clearly one of the first doors they knocked on for assistance."
He added: "Having gone through the finances, looked at what was needed, we came to a reasonable financial package that we felt we were happy to put in to keep the club going, get over the immediate financial difficulties and see it into the future, put the club on a firm footing moving towards the new stadium in two to three years' time.
"We want to be involved with local sports, we derive our business from local sportsmen - that's clearly the tie-up."
Cash flow problems at the club resulted in a delay in players receiving their wages earlier in the season.
Glentoran confirmed its players would be paid one month's outstanding wages before a game against Ballinamallard United at the beginning of this month.
They were then due to be paid any outstanding payments later that week.
Terence Brannigan, the club chairman, described the sponsorship deal as "a step forward"
He said the extra injection of cash from McLean's Bookmakers would help the club manage their cash flow, pay future players' wages, and allow them to plan for the long term.
© UTV News