Written by: Keith Tully
Reviewed: Thursday 17th October, 2013
Dunfermline Athletic F.C. has narrowly escaped administration by being bought out by its fans.
Pars United, a local community group, has taken control of the collapsed football club after months of financial limbo.
Bob Garmory, the new chairman, said it was ‘momentous’ day and significant in the club’s history.
The announcement ends months of worrying for fans after the club became riddled with debt. Many feared that Dunfermline Athletic F.C. would be liquidated but Pars United have had their CVA offer accepted by creditors and the purchase has now been finalised.
The community group has also acquired East End Park, Dunfermline’s football stadium situated in Fife, which was also in administration with KPMG.
Mr Garmory added: “The last few months have been a painful and frustrating time for everyone connected with Dunfermline Athletic. However, we ask that all Pars Supporters and the wider West Fife community now look forward, not back, with a renewed sense of optimism and spirit.”
BDO partners Bryan Jackson and Robert Barclay were appointed joint administrators in March in an effort to rescue the struggling club.
Mr Jackson paid tribute to the supporters for saving the football club, saying: “I would like to congratulate the team at Pars United for their efforts over the last few months and wish them well for the future. I am very pleased that this historic club will live on following the successful completion of this process.”
A winding-up petition from HM Revenue & Customs was issued to the Scottish football club earlier this year over a £134,000 unpaid tax bill. They had 15 points deducted and were relegated to Scotland’s third tier.
The new interim board of directors now includes Bob Garmory, Ian Hunter, Kip McBay, Craig McWhirter, Margaret Ross and former manager Jim Leishman.
Dunfermline Athletic is not the only football club in the UK to be recently saved by its fans. Elsewhere, Portsmouth F.C. was sold to the Portsmouth Supporters Trust and Foundation of Hearts is lined up to rescue Heart of Midlothian F.C.
Is your business struggling with HMRC or debt problems? Get advice that you can trust with the experts at Real Business Rescue.
Contact us today for specialist help and check out our informative business guides for all the information you need on company liquidation options, pre-pack administrations and much more.
14th February 2019
The bakery chain business Patisserie Valerie has been acquired out of administration by an Irish private equity firm called Causeway Capital Partners.Read More
13th February 2019
The department store operator Debenhams has secured access to a £40 million credit facility that should help it cope with the pressures of its ongoing funding crisis.Read More