East Fife’s Supporters Society hope to gain more support from fans this weekend as they prepare to launch their own takeover bid for the Methil club.
An offer for the club’s majority shareholding by the club’s four current directors is already on the table and has been accepted in principle by owners, but the EFSS have harboured concerns about whether or not that deal will be good for the club long-term.
To that end, the EFSS say they are prepared to launch a counter proposal with the help of a credit union and are encouraging fans to attend a public meeting after this Saturday’s home game with Clyde to find out more.
While the four directors are rumoured to have offered around £360,000-£380,000 for a 52% stake, the EFSS are looking to raise around £200,000 to allow a bid for the shares and some working capital.
The group reckon this will be more attractive to the sellers as they can make a cash offer immediately, rather than negotiate payment over several years.
“For the fans’ bid to succeed we need to have cash in the immediate future, rather than coming in over several years,” an EFSS spokesperson said.
“We know, however, that while many, many supporters said they could commit to paying us a monthly amount over many years, not all would be in a position to pay a lump sum up front.
“This is where the credit union comes in.
“They will lend an individual fan an amount to be repaid over five years but the money would be made available to the EFSS immediately.”
Saturday’s meeting, which will take place at the Fife Renewables Innovation Centre opposite Bayview at 5pm, will involve a presentation by representatives from the credit union and will give supporters in attendance the chance to ask questions.
The latest meeting comes almost a fortnight after directors completed the sale of land around East Fife’s Bayview Stadium to ease the club’s financial situation.
It is understood that the 2.847-hectare section of land, which does not affect Bayview’s so-called footprint i.e. the stadium itself and car parks, was sold to a third party for £110,000.