Prospective Raith Rovers buyers Silverbear Capital say their bid to acquire a controlling stake in the Stark’s Park club is “on hold” following talks with club owner John Sim.
The Hong Kong-based investment firm, led by Peter Chun, are keen to purchase the Championship club and have held in-person discussions with chairman Steven MacDonald and Sim.
Former Scottish FA chief executive Gordon Smith is also involved in the consortium.
The group claim to have carried out two months of due diligence and brokered transfers that would have seen two free agents, a Swiss international and a loan star from “one of the top clubs in world football” arrive in Kirkcaldy.
However, negotiations reached an impasse on Wednesday, with the group citing “a lack of corporate social responsibility by the Management”.
A statement given to Courier Sport read: “It is with regret that we are announcing, following two months of applying due diligence, further discussions regarding the acquisition of Raith Rovers are now on hold.
“Our representatives were present at Stark’s Park and had talks mainly with the chairman, and some with owner John Sim.
“The reasons for this are shortcomings and lack of corporate social responsibility by the Management.”
Not acceptable
They added: “Further, the way players, who were introduced by Gordon Smith and James Carlin were not employed despite the fact that a verbal agreement to sign them was in place, is not acceptable, as this actually stopped them having talks with other interested clubs.
“We hope to resolve these issues, so the talks can resume.”
Speaking earlier this week, MacDonald confirmed other interest from Scotland and the United States as Rovers seek much-needed investment.
Discussing Silverbear Capital’s interest, he stated: “We should know by Friday if there is something going to be tabled to John as a shareholding deal or whatever.”
Courier Sport has approached Raith Rovers for comment.
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