A coalition of supporters groups will lodge an offer with BDO, the administrators of Dunfermline Athletic Football Club plc, by noon today in a bid to take the company that owns the club out of administration.
They will also make an offer for East End Park Ltd, the company that owns the stadium and that is also in administration under the control of the accountancy firm KPMG.
There is expected to be one other bidder for DAFC plc and two for EEP Ltd. One of those parties is, like Pars United, bidding to buy both entities, and quickly registered their intention to also try to purchase the stadium business. Their identity is unknown, although many supporters fear that Gavin Masterton, the former owner, will seek to retain his hold on the club and the ground.
Once the proposals are lodged with the two administrators, they will be assessed and the best offers presented to the creditors. A creditors meeting is to be held tomorrow by BDO, for the formality of voting to agree to pursue a Company Voluntary Arrangement. That requires 50% of creditors to vote in favour, then another creditors meeting will be held on July 12 to vote on the CVA proposal itself, which will be funded by the best financial offer. For that to pass, 75% of the creditors need to vote in favour.
Bryan Jackson of BDO is confident that securing a positive vote will allow the club to begin next season without a points sanction. There is a 28-day period after a CVA vote in which creditors can change their vote, but assurances were sought from the Scottish Football League that Dunfermline would be treated as being out of administration even if the season starts during the 28-day cooling off period.
"[It] will be an important day in the history of Dunfermline Athletic, as its supporters and community make a formal bid and will signal the latest step in rebuilding this famous club," said Bob Garmory from Pars United. "'BuyThePars' has made fantastic progress so far and raised significant amounts but we're still working hard to achieve our goal. Pars United will submit an offer but it is critical for our fans and those in the community to continue to back the campaign to make sure we are in the strongest position to achieve our goal."
Pars United set a minimum target of £400,000 for Pars Patrons, and £100,000 for Pars Supporters, who will purchase a share in the Pars Supporters' Trust [Dunfermline Athletic Supporters Society Ltd] which functions as a Community Benefit Society authorised by the Financial Conduct Authority. Masterton still has an influence on proceedings, despite assigning his majority shareholding to Jackson's control, since he remains a creditor and so has a vote on the CVA outcome.
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