"Dunfermline's situation is complicated by their stadium being owned by a separate company, East End Park Ltd, which is being handled by a different administrator, KPMG."
What a mess.
Best of luck to them, this is only the tip of the iceberg for Scottish football though. Needs a complete re-structure and the SPFL claiming they'd spent the summer coming up with new names for their divisions (which are exactly the same as England's now) would be laughable if it wasn't so disgraceful.
I feel with the way finances are in Scottish Football, and no one really looking to invest more into it, with the exception of Celtic, I feel any club can go bust now.
Don't know if this is true but wouldn't be surprised, Someone told me that last season Rangers were losing up to £1 Million a month in Division 3. And I think a year or two ago Kilmarnock Played Celtic, and Kilmarnock gave the Celtic fans 3 sides of the ground and that paid for a new pitch and new floodlights.
Doubt they've got any decent ones, they've just had 2 relegations in a row, haven't they?
You might have heard of Craig Dargo, not sure if they have any other recognisable players.
Heard his name before but not too familiar so just looked him up, Great record at our friends from saturday, Inverness. 35 goals in 59 games. although at St Mirren 94 apps and only 9 goals. Now though, 35, 1 goal in 26 with Dunfermline. I don't think were that desperate, no disrespect to the guy. Besides, looks like he might be retiring soon as hes coaching their u20s
Doubt they've got any decent ones, they've just had 2 relegations in a row, haven't they?
You might have heard of Craig Dargo, not sure if they have any other recognisable players.
Heard his name before but not too familiar so just looked him up, Great record at our friends from saturday, Inverness. 35 goals in 59 games. although at St Mirren 94 apps and only 9 goals. Now though, 35, 1 goal in 26 with Dunfermline. I don't think were that desperate, no disrespect to the guy. Besides, looks like he might be retiring soon as hes coaching their u20s
Doubt they've got any decent ones, they've just had 2 relegations in a row, haven't they?
You might have heard of Craig Dargo, not sure if they have any other recognisable players.
Heard his name before but not too familiar so just looked him up, Great record at our friends from saturday, Inverness. 35 goals in 59 games. although at St Mirren 94 apps and only 9 goals. Now though, 35, 1 goal in 26 with Dunfermline. I don't think were that desperate, no disrespect to the guy. Besides, looks like he might be retiring soon as hes coaching their u20s
I'm sure the hilarity of Scottish Football will pass most of you by but this clown had a big part in it. Here he is in March confirming that the Pars are debt free,
Doing a bit more digging Gavvy was the man behind Sir David Murray's open credit line while he was a top man at Bank of Scotland and the liquidation of Livingston. This is not to mention the damage he has done to the country as a whole as a part of the disastrous foundations that he laid down at BoS eventually dragging Lloyds TSB into the mire.
"First, and as you’d expect, foremost, there’s Rangers. Via Murray International Holdings the Ibrox club was arguably allowed to borrow more from the Bank of Scotland than any honest club could repay and Gavin Masterton is credited as the banker who began the policy of loaning David Murray exorbitant sums.
Next comes Livingston and a deal done with Stadia Group, a company I believe Masterton set up, with loans from the Bank of Scotland, to develop land in and around football stadia. Amidst bitter recriminations and a plethora of conspiracy theories, the deal turned sour, and helped Livingston into administration.
Most recently we have Dunfermline and as any Pars fan will tell you a web of companies, and allegedly a web of deceit, attributable to Masterton and his oddly outspoken club chairman, John Yorkston. Again, the Bank of Scotland or Lloyds Banking Group as it is now is at the heart of the trouble as it seems that Masterton has somehow managed to secure a “personal banking arrangement” with the bank giving him an interest-free £12m ‘loan’ secured against a £3.5m stadium and 71-year-old Masterton paying nothing for the next 30 years. Despite such favourable terms, the player and staff wage payments consistently fall short month-after-month and fans are contributing to a hardship fund."
Dunfermline will soon be in the hands of fans' group Pars United after creditors voted in favour of accepting a company voluntary arrangement.
The Fife club has been in administration since March, with debts of around £10m.
Former owner Gavin Masterton abstained from the CVA vote, giving up his claim on £8m owed to him and his companies.
The £500,000 raised by supporters will pay staff who were made redundant and secure East End Park stadium.
Pars United are now seeking further backing and hope to add to the 1400 season tickets sold over an uncertain summer.
Former Dunfermline player and manager Jim Leishman - who helped front the supporters' bid - said: "This is a fantastic day.
Up until yesterday, we were still having meetings discussing what might happen if the CVA did not go through.
"It's through now and there is nothing standing in our way now. Now we have got to make sure we have got sustainability and ensure we can survive going forward."
The club's shares were sold for £1, while £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 BDO's fees of £100,000 plus VAT.
Dunfermline's situation was complicated by their stadium being owned by a separate company, East End Park Ltd, which is being handled by a different administrator, KPMG.
East End Park Ltd will receive the remainder of money left over, with their main creditor the bank.
Administrators BDO, led by Bryan Jackson, took over the running of Dunfermline after a winding-up order was served by HM Revenue and Customs for a £134,000 tax bill.
A 15-point penalty resulted in Dunfermline being relegated to Scottish League One via the play-offs.
The club should now avoid a 10-point penalty for the forthcoming season and a £150,000 bond payable to the Scottish Football Association.
Pars United's Bob Garmory said: "We thank each and every creditor who voted for this outcome.
"We know that many have suffered greatly from the financial problems of the football club. We now pay tribute to them. This vote will allow Dunfermline Athletic to begin a rebuilding process under a wide spread of supporter ownership."
Comments
What a mess.
Best of luck to them, this is only the tip of the iceberg for Scottish football though. Needs a complete re-structure and the SPFL claiming they'd spent the summer coming up with new names for their divisions (which are exactly the same as England's now) would be laughable if it wasn't so disgraceful.
Don't know if this is true but wouldn't be surprised, Someone told me that last season Rangers were losing up to £1 Million a month in Division 3.
And I think a year or two ago Kilmarnock Played Celtic, and Kilmarnock gave the Celtic fans 3 sides of the ground and that paid for a new pitch and new floodlights.
Great record at our friends from saturday, Inverness. 35 goals in 59 games. although at St Mirren 94 apps and only 9 goals.
Now though, 35, 1 goal in 26 with Dunfermline.
I don't think were that desperate, no disrespect to the guy.
Besides, looks like he might be retiring soon as hes coaching their u20s
Didn't we nearly sign him about 15 years ago?
Doing a bit more digging Gavvy was the man behind Sir David Murray's open credit line while he was a top man at Bank of Scotland and the liquidation of Livingston. This is not to mention the damage he has done to the country as a whole as a part of the disastrous foundations that he laid down at BoS eventually dragging Lloyds TSB into the mire.
"First, and as you’d expect, foremost, there’s Rangers. Via Murray International Holdings the Ibrox club was arguably allowed to borrow more from the Bank of Scotland than any honest club could repay and Gavin Masterton is credited as the banker who began the policy of loaning David Murray exorbitant sums.
Next comes Livingston and a deal done with Stadia Group, a company I believe Masterton set up, with loans from the Bank of Scotland, to develop land in and around football stadia. Amidst bitter recriminations and a plethora of conspiracy theories, the deal turned sour, and helped Livingston into administration.
Most recently we have Dunfermline and as any Pars fan will tell you a web of companies, and allegedly a web of deceit, attributable to Masterton and his oddly outspoken club chairman, John Yorkston. Again, the Bank of Scotland or Lloyds Banking Group as it is now is at the heart of the trouble as it seems that Masterton has somehow managed to secure a “personal banking arrangement” with the bank giving him an interest-free £12m ‘loan’ secured against a £3.5m stadium and 71-year-old Masterton paying nothing for the next 30 years. Despite such favourable terms, the player and staff wage payments consistently fall short month-after-month and fans are contributing to a hardship fund."
The Fife club has been in administration since March, with debts of around £10m.
Former owner Gavin Masterton abstained from the CVA vote, giving up his claim on £8m owed to him and his companies.
The £500,000 raised by supporters will pay staff who were made redundant and secure East End Park stadium.
Pars United are now seeking further backing and hope to add to the 1400 season tickets sold over an uncertain summer.
Former Dunfermline player and manager Jim Leishman - who helped front the supporters' bid - said: "This is a fantastic day.
Up until yesterday, we were still having meetings discussing what might happen if the CVA did not go through.
"It's through now and there is nothing standing in our way now. Now we have got to make sure we have got sustainability and ensure we can survive going forward."
The club's shares were sold for £1, while £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 BDO's fees of £100,000 plus VAT.
Dunfermline's situation was complicated by their stadium being owned by a separate company, East End Park Ltd, which is being handled by a different administrator, KPMG.
East End Park Ltd will receive the remainder of money left over, with their main creditor the bank.
Administrators BDO, led by Bryan Jackson, took over the running of Dunfermline after a winding-up order was served by HM Revenue and Customs for a £134,000 tax bill.
A 15-point penalty resulted in Dunfermline being relegated to Scottish League One via the play-offs.
The club should now avoid a 10-point penalty for the forthcoming season and a £150,000 bond payable to the Scottish Football Association.
Pars United's Bob Garmory said: "We thank each and every creditor who voted for this outcome.
"We know that many have suffered greatly from the financial problems of the football club. We now pay tribute to them. This vote will allow Dunfermline Athletic to begin a rebuilding process under a wide spread of supporter ownership."