East Fife supporters have launched an audacious bid to seize control of the Methil club.
Just days after now former chairman Lee Murray resigned over a dispute with the current owners, members of the East Fife Supporters’ Trust (EFST) have opened talks with the League Two club’s majority shareholders in a bid to find a way forward.
Courier Sport understands that the majority shareholders have indicated they would be interested in a bid from the trust for their holdings, thought to amount to a 52% stake in the club.
The trust’s intervention will be seen as a positive step in the right direction at Bayview after days of uncertainty in the wake of Mr Murray stepping down last week.
The Leven-based businessman, who replaced ex-chairman Sid Collumbine as part of a major shake-up a year ago, claimed the club’s owners had been unwilling to sell their stake in the club, continually stalled on negotiations and refused to commit any funds to the club a situation Mr Murray felt made his position untenable.
Despite that though, the trust, who told Courier Sport they are “concerned” about East Fife’s current plight, have taken steps to intervene, meaning the club could well go the way of Hearts, Dunfermline Athletic and Stirling Albion in following the fan ownership model if successful.
Allan Duthie, chairman of the EFST, explained: “The trust see this situation as an opportunity finally for our club, East Fife FC, to be owned by our supporters.
“Clearly it will require great commitment both financially and in other ways from our supporters for our efforts to succeed.
“Obviously much work has to be done and it will not be possible to provide updates on every detail of the negotiation.”
Trust representatives have met with fans’ group Supporters Direct Scotland, who advised several other clubs on a supporter buyout, and are currently drawing up a suitable financial package and business plan needed to facilitate the purchase. Shareholders Lorraine Johnston and Samantha Twigg currently hold the majority shareholding at East Fife, and it is understood they could be open to a buyout package that would see a deposit paid and the remaining balance met through instalments.
Sources close to any deal have remained tight-lipped on the figures involved though, with negotiations said to be continuing between all parties.
The club was the subject of a £500,000 takeover bid back in 2006, although the trust have refused to divulge whether or not the latest sums being bandied around are near to that mark.
However, Mr Duthie did add that the trust, which has acquired more than 6,000 shares in the club to date, plan to hold a public meeting to update supporters after their home game against East Stirling a week on Saturday.
The development comes as Livingston continue to prepare for an SFA disciplinary hearing for allegedly failing to disclose that shareholder Neil Rankine holds interests in two other SPFL clubs, specifically East Fife and Dumbarton, and therefore breaches ‘fit and proper person’ regulations.
Rankine has vehemently denied having any financial interest in East Fife.