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American investors put their money on the table for Dundee FC

American investors put their money on the table for Dundee FC

The clue was in the Star-Spangled Banner ringtone.

As Dundee chief executive Scot Gardiner stood inside Dens Park giving his assessment of the news the investment deal from Texas-based Keyes Capital was proceeding, his phone started going.

It was the familiar sound of the American national anthem, signalling that someone from the United States was on the line.

It was perfect timing from the caller bid backer John Nelms was suspected to be the culprit and it brought a smile as wide as the Rio Grande to the face of Gardiner.

The chief executive then got back on to the serious business of giving his take on agreement in principle being reached between the investors and the Dundee FC Supporters’ Society to go ahead with the plan to pump £650,000 into the club initially then follow that up over time with a similarly-sized figure.

Gardiner played a cautious game, perhaps understandably given the time it has taken to reach this point, but his phone perhaps betrayed a more upbeat mood, for he also welcomed what has to be seen as the most significant breakthrough since the Keyes proposal was first mooted.

“No deal has been formalised yet, but we are closer to where we need to be,” said Gardiner. “It will be a relief when it is actually done.

“There are still things to do before we can say that. You can’t assume anything and it’s not been easy. There have been a lot of roadblocks, as John Nelms put it so well himself.

“Things have been going on for a long time. It is something like 40 days since the first offer was made. It is something like 60 days since we (Gardiner and former directors Steve Martin and Bill Colvin) got back from Texas. So it has been a drawn-out process.

“It has been difficult, but fingers crossed now that we will have some stability and we can concentrate on trying to win the league.”

Gardiner may have had the Stars and Stripes on his mind yesterday but the only flag the Dark Blues are really concerned about waving is the championship one next May.

While the saga has rumbled on off the field, the chief executive has been working with manager John Brown to piece together a squad they believe capable of clinching the Division One title next season.

However, Brown pointed out after re-signing Gary Irvine at the start of the week that the well was dry and the investment was needed in order to bring more players in. That will now happen.

Gardiner said: “We need two or three more players, but at the moment the manager is just working with what we have. We have players on trial but no offers can be made until we have some certainty.

“We have been speaking to the players. We have been honest with them and telling them what the situation is regarding the proposed investment. The squad we have put together is a strong one but we want to make it stronger.

“We may be favourites to win the First Division, but I think Dundee have been favourites every year when we have been in it but it hasn’t worked out and some team has come from nowhere.”

Gardiner was also keen to stress just how big a week it can be for the Dens club, with yesterday’s news set to be followed by a historic meeting of clubs in Glasgow later today when details of the new Scottish Professional Football League are due to be unveiled.

“Tomorrow is an important day at Hampden and that begins a new era for Scottish football,” he said.

“We need to get that signed and sealed because we know what that means to the clubs in the First Division.”

Earlier in the day, it emerged agreement had finally been reached that will see the Keyes Capital investment in Dundee proceed.

The Texas-based consortium headed by Tim Keyes and Nelms and supported by former Dens directors Bill Colvin, Steve Martin and Ian Crighton have been informed the deal is on.

After weeks of to-ing and fro-ing, the Dundee FC Supporters’ Society and the Keyes group have reached a compromise that will see £650,000 ploughed into Dundee at the earliest opportunity, with around double that to follow over time.

Once a shareholders’ meeting is held to, in all likelihood, rubber-stamp the blueprint, Colvin will increase his stake, while Martin will also boost his shareholding. Those two men as well as Crighton are expected to return to the board.

Nelms will also become a director and will be based in Scotland as the club strives to transform its youth set-up. Under the new regime, the society will still be represented on the board and will retain around a 25% shareholding in the Dark Blues.

Legal loose ends have still to be tied up and the green light will have to be given at the aforementioned shareholders’ meeting to approve the issue of new shares. Also, the society have stated that they will give their members a vote.

Despite all that, there is a new team at Dens now and they will speak with an American accent.