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Dundee to ballot fans on US deal

The Dens Park club could benefit from a cash injection by Texan John Nelms. Picture: SNS

The Dens Park club could benefit from a cash injection by Texan John Nelms. Picture: SNS

  • by EUAN MCARTHUR
 

DUNDEE yesterday vowed to press on with plans to bring on board the US-backed consortium which will have a major stake in the running of the Dens Park club.

Dens directors Bill Colvin, Steve Martin and Ian Crichton all resigned early last week after the DFC Supporters Society, which owns 51 per cent of the club’s shares, thwarted the controversial £1.5 million investment from Keyes Capital which has brought civil war to the Dark Blues.

But late on Friday night, two of the three supporters’ representatives performed a U-turn and instead agreed to give the thumbs-up to the proposal which is being led by ambitious Texan John Nelms.

The fans group met at Dens Park yesterday to discuss the proposals while the ballot to vote on the matter could take up to four weeks.

Nelms recently revealed he would put up front an initial £650,000 to help maintain the current squad as well as attract new players in their quest for a quick-fire return to the SPL. And Supporters Society Chief Maurice Kidd said: “It’s the same bid that was originally on the table although there are conditions that we still have to agree. There’s still a wee bit of negotiations to be done but generally the bid is as it was in it’s original form.

“Since the three directors resigned in the last couple of days, we have been involved in discussions with Bill Colvin. We reached a point on Friday night where we thought a deal could be done.

“So I contacted fellow club board members and society board members to update them.

“The club board has unanimously always felt there was merit in the bid and it should be considered. All parties are now agreed that due diligence should be done as well as a ballot of all society members and a general meeting of club shareholders. There’s had to be a bit of give and take from where we were at the start of the week but that’s only natural.”

Kidd revealed the bid was resurrected after Colvin gave cast-iron assurances to allay any fears.

Kidd said: “We have gone through verbally with Bill a Head of Terms bill and conditions.

“We will go through that carefully with Bill and although there are negotiations to come like the number of society members on the board, we envisage no major obstacles.

“The bid has been moved on because of personal assurances given by Bill regarding his long-term vision and commitment to the club.

“Bill will also give an undertaking to give the Dundee Supporters Society first option on his shares at the price he paid with no profit to himself. While not so much is known about Keyes Capital, we are comforted by the fact Bill Colvin will have invested almost £500,000 once the deal is done.

“Talks have been continuing and it’s been agreed that it’s in the best interests of all parties that this is moved onto the earliest possible conclusion. In the immediate future, it helps beef up the youth system. As far as the first-team is concerned, there’s a possibility of significantly improving the squad for the forthcoming season.”

Dundee are hoping departed directors Colvin, Martin and Crichton will return to the board now that peace has broken out. Kidd said: “This has all moved quite quickly in the last day or so. We’ll be having discussions with them and hopefully they will come back. We absolutely want a bit of unity now after all that’s happened.”

 

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