The East Fife Thread

[Big Fifer]

Announcement from the Supporters Trust -

ANNOUNCEMENT FROM SUPPORTERS TRUST

Dear Trust Member

The board of the East Fife Supporters’ Trust (The Trust) has confirmed it is working towards an offer to buy East Fife FC from the club’s major shareholders.

This follows direct contact with the club’s major shareholders by the board of The Trust to express concerns about the club’s position following the recent resignation of the East Fife FC’s chairman, Mr Lee Murray. As a result of that contact, the major shareholders indicated they would be interested in receiving an offer for their holdings from The Trust.

After the recent resignation of Lee Murray as Chairman of the club we established contact with the club’s majority shareholders to express our concerns. They indicated they would be interested in receiving a bid for their holdings from The Trust and we are now working with Supporters Direct Scotland to develop a plan to make that happen.

The Trust see this situation as an opportunity, finally, for our club to be owned by our supporters. Clearly it will require great commitment from our supporters both financially and in other ways 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 but we will aim to keep everyone advised as far as we can.

Supporters Direct Scotland has already advised several other clubs on supporter buyouts including Hearts, Dunfermline and Stirling Albion. Supporters Direct Scotland has committed its full support and is currently advising on the creation of a financial package and business plan required to facilitate the purchase.

A public meeting of supporters is planned for Saturday 30th August following the club’s home match against East Stirling.

We look forward to having everyone’s support.

[SimonLichtie]

Good to hear - I hope that things progress well and the end goal of fan ownership for the club is achieved. Doesn't mean I won't be hoping you're pish on the park still

What's the script with Lee Murray in this then? If he does have all of this money/ businessman willing to put funds into the club, then surely he could work alongside the Trust and help with a lot of the financing of this potential deal? Or is it thought he's just a bullshitter now, with all this hot air having come from him and, as far as I'm aware, very little money actually come out of his pocket?

I'd imagine the supporters trust and it's members couldn't possibly raise the suspected substantial amount that would be wanted for the club? Due to the land value I'd have thought they'd want at least half a million (giving a return on the surposid 400k initial investment in 2000)?

[Mon_The_Fife]

Good to hear - I hope that things progress well and the end goal of fan ownership for the club is achieved. Doesn't mean I won't be hoping you're pish on the park still

What's the script with Lee Murray in this then? If he does have all of this money/ businessman willing to put funds into the club, then surely he could work alongside the Trust and help with a lot of the financing of this potential deal? Or is it thought he's just a bullshitter now, with all this hot air having come from him and, as far as I'm aware, very little money actually come out of his pocket?

I'd imagine the supporters trust and it's members couldn't possibly raise the suspected substantial amount that would be wanted for the club? Due to the land value I'd have thought they'd want at least half a million (giving a return on the surposid 400k initial investment in 2000)?

I heard of the Trust's plans on Saturday and also heard some interesting stories regarding Murray. He hasn't put his hands into his own pockets and in fact is due money to other parties. He spoke a good game, but actions speak louder than words.

It could be a lengthy process but early talks with Rankine are very encouraging.

[SimonLichtie]

I heard of the Trust's plans on Saturday and also heard some interesting stories regarding Murray. He hasn't put his hands into his own pockets and in fact is due money to other parties. He spoke a good game, but actions speak louder than words.

It could be a lengthy process but early talks with Rankine are very encouraging.

I thought Mr Rankine had no shares, or interest, in East Fife, why on earth are the trust speaking to him....?! :rolleyes: In all seriousness, if there is/ has been direct conversation between Rankine and the trust, while Rankine is flat out denying any sort of interest in East Fife, surely the SPFL would take an interest in this considering what has been said in the media regarding his interests in several clubs recently(which of course we all knew about years ago, like I'm sure the SPFL/ previous SFL did).

[east fife for life]

Lee Murray is a crook and full of shit! Sold the supporters a pack of lies, most of whom including myself believed it. He got his day out to the Ibrox boardroom. It will all come out soon. ;-)

[berwick-the-unbeatable]

Lee Murray is a crook and full of shit! Sold the supporters a pack of lies, most of whom including myself believed it. He got his day out to the Ibrox boardroom. It will all come out soon. ;-)

Premier League in ten years

[lichtie36nilhello]

Becoming a fucking joke of a club.

That happened a long time ago mate...

[paranoid android]

Hearts full back, Liam Smith, is joining East Fife on loan - look after 'im, will yer?

Hope he does well for you.

[King Kebab]

SUMMARY OF BUYEASTFIFE MEETING
30 August 2014


Introduction

The meeting was attended by approximately 160 people and started with a brief talk by Paul Goodwin of Supporters Direct Scotland who explained that there are now nine Scottish senior clubs in the process of becoming owned by the community or had already achieved that state. A short description of the background to the meeting was given and the rest of the time (approximately 60 minutes) was given over to questions from the audience which were answered by Allan Duthie of the EFSS with interventions by Eugene Clarke and Paul Goodwin.

Why Do We Want to Do this?

The ultimate aim of our campaign is to transform EFFC into a community owned club which will produce a successful football team and generate sporting and social opportunities for all.

Who/What is EFSS Working Group?

The East Fife Supporters Society is the formal name for the Trust and the Working Group was formed to incorporate and represent all groups and individuals interested in securing a majority shareholding in EFFC. It was stressed that this group is not simply Trust members - it includes
supporter club members and people who are members of no formal group.

Background to Bid

Contact was made with a member of the EFSS group by an advisor to the majority shareholders who said there was an opportunity for the Trust to buy the majority shareholding.The majority shareholders have indicated their willingness to open discussions with EFSS representatives and advisors from Supporters Direct Scotland with a view to selling their 52% holding in the club. It is possible there will be other bids from other parties but we cannot influence that.

Bid Cost and Financing

The price has still to be negotiated The final figure will be influenced by professional advice regarding the financial situation of the club and the value of its assets. No offer will be made until due diligence has been carried out. The purchase would be achieved through paying a deposit and then annual payments over 15 years. For example, should the final price be £400,000, this could be paid by a deposit of £25,000 plus 15 annual payments of £25,000 - the monthly equivalent is £2,100.

What would we get for the money?

Once we had paid the deposit this would give us ownership of the football club, membership,of the SFA and League, the stadium, and the surrounding land. If we failed to pay an instalment there could be interest penalties applied but the shares would still be ours. We need to carry our full diligence of the deal to confirm both the legal details re assets and the financial situation of the club.
We had approached EFFC with a request for a brief financial statement before the Saturday meeting but their directors decided it was not appropriate at this stage.
We are keen,however,to keep communication between the EFSS and EFFC open and wish to stress that our bid is not simply a way of changing the composition of the current EFFC board.

Raising the Money

We believe our supporters can raise the cash needed for the deposit and to pay for the shares over the 15 year period. Written feedback from the Saturday meeting showed that 59 people were willing to donate a one-off sum while 85 would commit to a monthly payment.In addition to that, members of the EFSS have been contacted by dozens of people who could not attend the meeting but who said they would support the bid financially. No money will be requested until a legally binding agreement is in place. Anyone who sets up a monthly payment will be able to amend or cancel it if circumstances change.
Everyone who contributes at least £1 will become a member of the EFSS if she/he are not one already. As it is a legally constituted IPS everyone who contributes will have an equal say in voting irrespective of how much has been contributed.

Who will Run The Club after the Purchase?

Upon conclusion of an agreement the EFSS group would appoint a board of directors to manage the club. This board would be made up of people with the skills and knowledge to run the club and could include current EFFC directors and would not necessarily include any of the current EFSS working group. It was stressed that the club would not be run by those currently on the EFSS board.
Any newly joined equal member of the EFSS with the appropriate skills would be eligible to be appointed as an EFFC board member. After a period of 12-18 months when the appointments have created a stable structure at the club there will be elections to appoint a new board. Again all members,(this includes the
EFFC directors appointed by the EFSS) will be eligible to hold a board position. Selection of the new board will be done at an open meeting of all members with each member having equal voting rights.

What about the Artificial Pitch?

Good progress had been made by East Fife Community Sports Academy. Unfortunately a bid for funding to develop an artificial surface and associated facilities at Bayview has been delayed due to boardroom changes at Bayview and the associated uncertainty. EFFS are committed to creating a stable environment at Bayview which will allow this project to progress.

Next Steps

The EFSS working group continues to meet twice a week. With professional advice we have started the process of creating a business plan and we will also soon be meeting with legal advisors.
A website and other social media channels including Twitter and Facebook are being set up. The website currently has a link to a survey on it which allows fans to show their support for the purchase. We would encourage everyone, including those who filled in the form on the night, to complete the form at www.buyeastfife.org.
We are also keeping the local press informed and will be distributing paper copies of this to ensure that people without easy internet access are kept informed.
We will be setting up a regular on-line newsletter and shortly will have a QnA section on the website which will be updated.

Thanks

The EFSS Working Group.
2 September 2014
@BuyEastFife
www.buyeastfife.org

[parsforlife]

I understand the idea of paying over long term but I can't see it being acceptable to the current owners. Certainly no longer than a 5 year period.

[houstonspider]

Good luck with your bid. Hope it all works out.

[WullieBroonIsGod]

I understand the idea of paying over long term but I can't see it being acceptable to the current owners. Certainly no longer than a 5 year period.

You would think but apparently the current owners (well majority shareholders) have agreed to this.

Funny that with Neil Rankine being investigated. Coincidence my arse

[Gordon EF]

I understand the idea of paying over long term but I can't see it being acceptable to the current owners. Certainly no longer than a 5 year period.

I was under the impression this was the deal offered to the fans group, not something which was going to be offered to the owners.

[King Kebab]

Interesting new development from the Official Site:

On the 12^th August the Directors on the Board of East Fife FC made an approach to the major shareholders with the intention of securing their shareholding.

We have had continued discussions since then with their representative.

We would be happy to listen to and work with any interested investors including private individuals, EFSS, East Fife Supporters Club, East Fife Youth Academy and East Fife Ladies to achieve this aim.

[King Kebab]

Personally I hope the Trust venture goes ahead without any aid givin to this bunch of Seriel Doderers, The main question must be Why now??? what have they been doing for the previous 11 (eleven) years of gross mismanagement???

Is it a coincidence that they have come out with this statement just when the Trust have made their declaration public, why have they done nothing before this, what have they done previously to rid the Club of Rankine, f**k all is the sum total of the answer and with this statement it reeks of sad men desparate to hang onto their blazers and their accompanying perks!!!

Why are they now so desparate to work with the trust, when they are so hostile to the idea of a replacement Trust Representative taking their rightful place on the current Board???

Where was their backing of Lee Murray when he attempted to make a deal with Rankine, non-existant is the answer to that, probably fearing for their positions within an organisation that would be led by the most forward-thinking Chairman we have had in situ since John McArthur. but now with the prospect of being chucked out on their ears on the horizon their collective arses are a blur as they try to cobble together a plan to ensure their right to free entry to Cup finals and Scotland games continue!!!

As GoF said on AFTN;

The Trust should steer clear of any part of the current board.

What is needed is a new era, not the one who many blame for a lot of the shortcomings.

There are many out there, myself included, that wouldn't give a penny to anything that involved the current board or a joint bid, or support the current regime from taking over.

The club needs change. New blood. Younger blood. The status quo does not offer that in the slightest.

Actually, I'm not even sure what they do offer at all because we haven't seen it in the past couple of years.

Think they will find that this is the view of the majority!!!

[sneed hearn]

You could just as well ask why the Trust (which I support)did not make a bid earlier.Presumably the S.F.A. investigation triggered all this.You can certainly question the judgement of the remaining board members but I don't believe for 1 minute they don't have East Fife at heart.Certain there are private individuals with considerable resources involved ,one of whom was at Bayview on Saturday.

[Gordon EF]

These guys have been ambivalent, at best, towards the Trust or fan ownership/involvement. Hopefully EFSS can get the majority shareholding without them.

[King Kebab]

Think you'll find that the Trust has a history of attempted dialogue with the Johnston/Twigg parties, and I think I am correct in saying a private bid also for their shares which thwarted only by the death of the Trust's then Benefactor, the same benefactor who gifted the monies to the Trust in order for them to buy the shares which enabled them to get a position on the Board,(think it was a minumum of 2000 shares them), the annoying thing is that I think that the original sums involved were possibly closer to what the Twigg/Johnstone party originally paid for them!!!

[Mon_The_Fife]

It looks as though the current board are getting a little jittery as a Trust buyout will see most of them ousted.

I hope the trust distance themselves from any board takeover. These guys are happy watching the club go into decline for the last 5\10 years, and only now have decided to make a bid for the club when their blazers are under attack.

[Caveman]

What's the story with Kevin Rutkiewicz?