Pars United completes acquisitions
Wednesday, 16th Oct 2013
Dunfermline Athletic FC and East End Park: "A safe future in our own hands"
Pars United is extremely pleased to announce that formal control of Dunfermline Athletic Football Club (DAFC) has now been acquired from BDO LLP, following completion of all of the relevant legal agreements.
The Club can now proceed towards coming out of administration, and papers will be provided to the Court of Session to conclude the statutory requirements.
In addition, at the same time, Pars United (EEP Limited) has acquired East End Park , from administrators KPMG. This is in line with the stated aim and strategy of Pars United to ensure that DAFC continues to play matches at our spiritual home.
The purchase of East End Park (EEP) was a highly complicated and sensitive transaction to complete, which had to be funded at very short notice. A number of Pars Patrons underwrote this, and generously funded the purchase of the Stadium in a carefully thought out community ownership structure which not only protects DAFC, but satisfies both KPMG and Lloyds Bank.
Following the hearing at the Court of Session in Edinburgh on Friday 11th October, relating to the lease at Pitreavie, Pars United has held detailed discussions with our legal representatives. In the short timeframe it was not possible to achieve our initial objective of renouncing the lease with Fife Council. However, DAFC will continue with this lease in the short term and engage with all interested parties, including Fife Council, to arrive at a satisfactory outcome for the long term benefit of DAFC.
Pars United would like formally to thank a whole range of different people and parties, who are unfortunately too numerous to mention by name:
- All supporters who have generously donated to “Save the Pars” and “Buy the Pars” both through the Pars Supporters Trust and as Patrons in both DAFC and East End Park . The total cash raised would be the envy of most other Football Clubs in Scotland ; - All of the extended Pars Family and sponsors who kindly offered their services, time or expertise in assisting Pars United succeed in purchasing DAFC and East End Park;
- All of the supporters who have already come forward to offer their support as volunteers in assisting Pars United to “Keep the Pars”; - All of the Club’s loyal staff, players and management who have shown real resilience when faced with many months of uncertainty, and have been an absolute credit to our Football Club; - All past creditors who have suffered greatly from the financial problems the Club faced previously;
- Both administrators, BDO and KPMG, for working with us over the last few months to achieve our aim of giving DAFC a chance of survival; and
- Our legal team at DWF Biggart Baillie, who have helped us navigate through some very difficult obstacles to get to this point.
Bob Garmory said:-
“The last few months have been a painful and frustrating time for everyone connected with Dunfermline Athletic. However, we ask that all Pars Supporters and the wider West Fife community now look forward, not back, with a renewed sense of optimism and spirit.
“As previously stated, the Pars fans have already shown their resolve and support for saving the Club and that now needs to continue going forward, particularly this season, to “Keep the Pars” as has been widely documented in the last week or so. We cannot lose the positive attitude, and sense of involvement and engagement amongst our core support. The fund raising effort of the Pars Supporters and Patrons has been nothing short of exceptional, particularly in such tough economic times. They really have been like a “12th Man” over the last few months. “However, in terms of moving DAFC forward as a sustainable business there is still much to be done. Pars United has appointed an “interim” board of directors to the Club until the end of the 2013/14 season.”
Bob Garmory has been appointed Chairman, and will be joined by Ian Hunter, Jim Leishman, Kip McBay, Craig McWhirter and Margaret Ross . The interim board will assess the exact resource required within the Club in order to manage it day to day at its current level of professional football. In the remaining course of the season, it will also be able to assess fully the workings of the Club and identify any additional measures which are required to enhance and secure the future of DAFC.
Bob Garmory added “The responsibilities of the General Manager until the end of season will be shared by Ross McArthur and David McMorrine, both of whom are Patrons, and experienced businessmen.
“Ross has been the driving force behind Pars United and will continue to be responsible for the development of DAFC as a community Club, in terms of marketing, fund raising and engaging with supporters. David has been serving as General Manager during the last few weeks of the administration and will now accept full responsibility for the day to day management of the Club, for financial systems and for budgeting. Everyone will continue to offer their time and not be paid for their services”.
To ensure that Pars United continually represent the wider interests of all Pars fans, our stated intention is to communicate with supporters in an open and transparent manner. Following the successful acquisition of both DAFC and EEP a range of further information documents have been prepared for Pars fans, which are available by clicking the links below: -
EAST END PARK
UNITED STRATEGY FOR
|PARS UNITED CORPORATE STRUCTURE||PARS UNITED OWNERSHIP FRAMEWORK|
Pars United has been supported through its campaign by Supporters Direct Scotland (SDS) and Paul Goodwin Head of SDS said:-
"We’re delighted to see that another famous club has embraced a community ownership model, inspired by the dedication of all the Pars fans. We know that there are other clubs and fan groups looking very closely at greater community involvement as the ownership of clubs in Scotland evolves away from the conventional benefactor model."
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