THE FUTURE of one of Scotland's oldest football clubs has been secured after former owner Gavin Masterton gave up a multimillion-pound debt owed to him.
A creditors meeting at the home of Dunfermline Athletic, East End Park, voted overwhelmingly in favour of fans' group Pars United's plans to take the club forward, staving off the prospect of the liquidation of the company that operates the club.
The club's operating company, which had been in administration since March, has struck a company voluntary arrangement (CVA) to finally end months of uncertainty. The deal meant creditors waived their right to £10 million owed to them.
Mr Masterton, the ex-owner of the 128-year-old club, abstained from the CVA vote, effectively giving up his claim to about £8.5m owed to him and his firms.
The Pars United group are now expected to take full control of the club and stadium over the next few weeks as the process of taking Dunfermline United Football Club Limited out of administration progresses.
Bryan Jackson, administrator with accountancy firm BDO, commented: "I have to thank the fans, the manager, team and staff at the club as well as the wider Dunfermline community who have made this day happen.
"I am very pleased the great name of Dunfermline FC will continue in the years to come and that we have had a positive outcome to what was a most difficult set of circumstances."
The operating company shares were sold for £1, while £500,000 raised by supporters will pay staff who were made redundant and the administrators' fees. Some £80,000 will go to preferred creditors, with former players and staff receiving back-dated pay in full.
Pars United will assume responsibility for all "footballing debts", which administrators BDO say "are understood not to exceed £170,000" and pay administrator's fees of £100,000 plus VAT. There is a 28-day period when creditors can appeal, but Mr Jackson said he was hopeful the deal would go through.
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