Grimsby have been given a major financial boost after shareholders at an extraordinary general meeting ruled in favour of selling the club's unissued shares.

The decision is likely to help generate crucial revenue at Blundell Park as they look to recoup the losses accrued following the collapse of the ITV Digital deal last summer.

A majority vote gave the Mariners' board of directors license to put the remaining 363,100 £1 shares on the market after fears the proposals - rejected by shareholders since the mid 1990s - would be blocked again.

Grimsby chief executive Ian Fleming was delighted with the news and said: "This is a big decision that could have a successful bearing on the club.

"The directors lost their power to allot shares in the 90s and we have tried, but failed, to regain authority until now.

"It is all part of the restructuring process that has been going on at Grimsby Town since last summer. Now anyone who is interested in getting involved will finally be able take an active interest."