A group of East Fife fans have not ruled out launching a rival bid to take control of the Methil club, Courier Sport understands.
Members of the East Fife Supporters Society (EFSS) could yet lodge their own offer with the current owners in the coming weeks, even though a £380,000 bid by four of the club’s existing directors for the majority shareholding has been accepted in principle.
The EFSS have raised concerns about the directors’ bid from the outset and recently urged the board members to shelve their plans in favour of a joint bid, and it has now emerged that EFSS members are continuing to work up their plans despite developments earlier this week.
Directors Jim Stevenson, Dave Marshall, John Barclay and John Donaldson revealed on Monday that heads of terms had been agreed with current majority shareholders Lorraine Johnston and Samantha Twigg, although the move to buy a 52% stake has not yet been formally rubber-stamped.
With that in mind, the EFSS are still going through the due diligence process but a spokesman confirmed that “on the face of it” the fans’ group would not be bidding “anywhere near” the price the directors have reportedly offered if indeed any bid goes in at all.
Further meetings have also been arranged with financial advisers and Supporters Direct as the EFSS weigh up what to do next while no doubt watching events at Bayview with interest.
Should the directors’ bid falter for any reason, it is understood the EFSS hope to be in a position where a counter offer can be lodged with the club’s current owners.
The directors behind the bid currently on the table have arranged an open meeting at Bayview for 7pm on Monday so fans can find out more about their plans.