Two bids have been submitted for Dunfermline Athletic Football Club plc and East End Park Limited, but both fall short of what can be accepted by the respective administrators of the two companies, BDO and KPMG.
The interested parties, one of which is Pars United, a coalition of fans groups, will now enter into negotiations with the administrators to try to reach a deal that can be offered to creditors.
A deadline of 5pm yesterday had been expected to move the process along. The bidders have linked their respective offers, so they will only pursue them if they are successful in buying both DAFC plc and EEP Ltd, which owns the stadium. The offers differ in terms of their value up front, the terms of future payments and clauses that have been included, with BDO's Bryan Jackson and KPMG's Blair Nimmo both now requiring to negotiate with the parties.
"We put in a bid and we were aware some issues had been resolved and there were things yet to be resolved," said Bob Garmory of Pars United. "Bryan [Jackson] is experienced and I believe he knows we are working very hard and have the club at hearts. It is now about talking to BDO and seeing whether we can iron out the issues. I am hopeful we can, but you can never be 100% certain.
"But we have been at this for a long time now and we are not dissuaded. We are determined this club should have an ownership structure which is more akin to fan control and move on together to becoming a community club. And we will re-engage with the fans and improve the match-day experience. Those were our goals going in; those remain our goals."
At a meeting today, a vote will be held seeking approval to pursue a Company Voluntary Arrangement. This needs the support of 50% of the creditors, and is likely to be a formality, then a second meeting will be held on July 12 to vote on the CVA offer. In the meantime, BDO and KPMG will jointly hold meetings with the two parties to seek improved offers. A preferred bidder will be selected in time for the CVA vote.
Pars United set a minimum target of raising £400,000 for Pars Patrons – including local business figures – and a minimum target of £100,000 for Pars Supporters, who will purchase a share in the Pars Supporters' Trust which functions as a Community Benefit Society authorised by the Financial Conduct Authority.
Supporters feared the other bid may have involved Gavin Masterton, whose ownership of DAFC plc and EEP Ltd led both companies into insolvency. However, Herald Sport understands the individuals behind the other bid have stressed Masterton is not directly involved. They have, though, requested anonymity as a condition of their bid, which troubles Garmory. "We do not have the luxury of asking for confidentiality – we are all Dunfermline fans," he said. "Of course it makes us nervous because, let's be candid, if someone is trying to buy a football club and have asked for confidentiality then it means they do not have the confidence to reveal their identity to the fanbase.
"Confidentiality is understandable in a purely business takeover, but this is a football club. The lifeblood is the fans and if you do not engage with them from the start you can't expect them to turn up in their thousands to matches. I would have thought being open about who they are and what their motives are would be a better course of action. But it is their money and it is their choice."
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