East Fife fans have called a halt to their campaign to take over the club, it was announced yesterday.
The East Fife Supporters Society had launched a bid to buy the majority shareholding from owner Lorraine Johnston, and had lined up the support of a credit union which would help fund their efforts.
It was viewed as a counter proposal to another offer to gain control from the club’s four current directors, which was accepted in principle but was one that the EFSS had concerns about.
However, the EFSS confirmed that they have shelved their takeover plan after Ms Johnston declined to open negotiations with the group after agreeing the directors’ deal.
It is understood that she is now awaiting the directors’ solicitor completing the transaction.
A statement from the EFSS said: “We had taken the direct step of contacting her after many weeks of waiting without any real news about the current directors’ bid because we felt we needed clarification for all concerned.
“Thank you very much to all those who supported us both financially and in kind.
“We will be taking steps to return all donations over the next week or two.
“The opportunity may arise again in the future, either when the directors decide to sell their shares or if the Scottish Government does eventually implement a law giving supporters the right to buy their club.
“When that happens we will be ready to act again.”
The four directors are rumoured to have offered around £360,000 to £380,000 for a 52% stake in the Methil club.