East Fife’s Supporters Trust (EFSS) have suggested directors behind the ongoing takeover of the club are acting with “heart over head” – and have once again urged them to back a joint bid.
The Methil club’s four current directors previously tabled an offer for the majority shareholding which was accepted in principle by the club’s owners, adding that the EFSS and other groups could buy into a minority share of the 52% stake they are seeking to acquire.
However, the EFSS have stressed that the club’s current owners may have overvalued the majority shareholding, with the price tag believed to be in the region of £380,000, and have called upon the directors to work with them on a united bid which they believe will “genuinely move the club towards community ownership”.
A spokesperson for the EFSS has revealed that they have been approached by a financial institution which would be interested in providing the capital which might allow supporters to buy the majority shareholding, with further meetings scheduled for later this month.
In the meantime though, the EFSS continue to stop short of formally backing the directors’ bid currently in the pipeline.
“Although the current EFFC board undoubtedly have the interests of the club in mind, it does seem in their case to be heart over head,” the EFSS said.
“The last meeting between EFFC and EFSS had ended with the unsatisfactory offer by EFFC to allow EFSS and other groups to buy into a minority share of the 52%.
“At that point we indicated that until more detail of the current board’s purchase was made available, and a clear understanding of the club’s financial position was revealed, then the EFSS working group would be unable to make any firm recommendation as to the financial involvment our members should have.
“Unfortunately we are now a couple of months further down the road and although the EFFC accounts have been published we are not really any closer to being in a position to recommend any form of support for the EFFC directors’ bid.
“At the same time we are still keen to be heavily involved in creating a community club run by all groups, not excluding the current EFFC directors.
“It is quite clear from both the EFSS accountants and the EFFC auditors that as things stand any investment in EFFC is a very risky proposition so our advice to our members is not to get involved with the bid yet.”
The EFSS have urged directors to review the value of the offer to buy the 52% majority shareholding, be more open with details of the current financial situation faced by the club, and work together with them on a new offer which could take the club forward.
However, the group concluded: “Until progress is made in meeting these three targets any recommendation made by the EFSS working group would come from the heart rather than the head.”