Launch of Dunfermline share issue is delayed

Cash-strapped Dunfermline have delayed the launch of their share issue following 
last-minute negotiations with ­financial and legal experts.

The scheme, which aims to raise between £300,000 and £500,000 in the coming weeks, was due to be unveiled on Wednesday before the Fife club announced the postponement.

The East End Park outfit blamed the hold-up on “minor amendments” required after liaising with lawyers and financial consultants on Tuesday evening.

It is understood the club ­remain hopeful of launching the share issue this week.

A club spokesperson confirmed: “Further to an extremely detailed review by our financial advisors and legal experts on Tuesday one or two minor amendments now need to be made to the final document.”

The importance of a successful share issue has become apparent in recent weeks, with majority shareholder Gavin Masterton claiming £300,000 is required to see the club survive until the end of the season.

Staff are currently in the midst of a fourth successive month of salary delays, with just one week until February’s wages are due to be paid. The club has also been forced to contend with arrears to HMRC and ScottishPower.

Chairman John Yorkston claimed this week the share issue would provide “a fresh start” for Dunfermline, who have debts of over £8 million owed to past and present directors.

But the supporters group aiming to wrest control of the Fife outfit, The Pars Community (TPC), have publicly requested a meeting with Masterton.

A TPC spokesperson said: ­“Following representations from a number of supporters who share our concern for the future well-being of Dunfermline, The Pars Community wishes to reconfirm that it is prepared to meet with the current owner.

“At this meeting, TPC would present, and seek to negotiate, a detailed multi-point fan ownership-led proposal, involving an investment from TPC together with a significant restructuring of both the club’s balance sheet and governance arrangements.

“We believe that our proposal could deliver a secure future for the club, both in the short term and in the long term, and that it would be of interest to the current owner and to all other stakeholders in the club.”

But, declaring the “bickering” between supporters unhelpful, the club last night responded: “Dunfermline are more than happy to meet, and the two overall long-term visions for the club do not vary that ­significantly.

“There remains a critical short-term plan for the club to survive and DAFC remains firmly of the belief that all supporters need to get behind the share issue – unless we do so then there simply will be no club.”