East Fife fans keen to take control of the club are hoping some common ground can be found with a group of current directors who have prepared their own bid for power at Bayview.
The club’s future remains very much up in the air after the departure of previous chairman Lee Murray and two factions have emerged to try and take the Methil outfit forward.
Courier Sport understands that productive talks have been held between members of the East Fife Supporters Society (EFSS), who are pursuing a fan ownership model, and four members of the existing board – Jim Stevenson, John Donaldson, Dave Marshall and John Barclay who have made a separate bid for the majority shareholding, but no breakthrough has been reached yet.
And while it is the directors’ plan to create a holding company to buy the majority shareholding at a cost close to £400,000, the EFSS are concerned that supporters would be expected to buy shares over several years without having any real say over the running of the club.
Both sides are therefore seemingly at an impasse ahead of this Saturday’s home game against Annan, after which the EFSS have arranged a public meeting to discuss the present situation.
Allan Duthie, chairman of the EFSS, said he hopes both sides can work together in the coming days and weeks to find an amicable solution.
“We think it’s in the best community and financial interests of the club for our bid to succeed, though it will only be placed when we have completed the due diligence process on the club finances over the last few years,” he explained.
“The club directors have been very co-operative in making information available to us to date and I think both sides would prefer a joint approach.”
While existing directors are pressing ahead with their plans, the EFSS in turn have proposed a scheme that would make them the sole purchasers but with “significant” representation from the club directors on what would be a new board.
In addition, a mutually agreed independent chairman would be appointed.
In the meantime, the EFSS are currently working their way through a due diligence process of the club’s finances and that is being carried out on the group’s behalf by restructuring specialists Begbies Traynor.
They have declined to comment on rumours that the club’s current financial situation is precarious, but have stressed that the East Fife board has been co-operative in discussions.
Saturday’s meeting, which will take place in the Fife Renewables Innovation Centre across from Bayview Stadium just after 5pm, will not only aim to update supporters on the latest position but will also outline the kind of help needed from fans practical and financial for the EFSS bid to succeed.