PKF have been appointed as interim administrators of Dunfermline Athletic today, following a petition from the club at the Court of Session in Edinburgh. However, the court delayed an overall decision on whether administration will be granted until April 11th.
Bryan Jackson and Robert Barclay, were appointed interim managers. The appointment takes immediate effect and Bryan Jackson will be meeting with management, players and staff to discuss the operational activities of the club.
This process will protect the club from the imminent petition for liquidation for £134,000 by HMRC and prevent other creditors raising similar actions while the financial position of the club can be clarified.
PKF corporate recovery partner, Bryan Jackson, explained: “Clearly there is a considerable task involved in trying to save Dunfermline Athletic FC as the 128 year old club has accumulated substantial debts over several years mostly from existing and past directors. Unfortunately there will be a number of redundancies which will be announced in the next few days.
“The interim management process will allow the club to operate without immediate fear of closure but I cannot stress the need for the continued support of the fans, players, and staff in this process. It is important to realise that this appointment is simply the first step in a process that will take some considerable time.
“The future of Dunfermline Athletic FC remains uncertain but this is a proud and historic club at the heart of a proud and historic community and I need the fans and the community to rally around their club in its hour of need. I would urge all fans to turn up for tonight’s game to support their team.
“Money will need to be raised simply to get to the end of the season as well as into the summer to continue to fund the club’s day to day operations. Meanwhile I shall be consulting with creditors and potential buyers of the club to try to ensure it has a viable future. I believe that with the support of the staff, players, supporters and wider community we can resolve the serious financial issues that Dunfermline Athletic FC faces now and in the coming months. But the club will need as much support as possible, as soon as possible, if it is to remain in existence.”
With the club now teetering on the brink, majority shareholder Gavin Masterton said the buck stopped with him and he offered his apologies to everyone connected to the club. He added: “Despite my concerns regarding events over the past six months the ultimate responsibility stops with myself. Over the years the Masterton family have invested several millions of pounds into the club to establish the infrastructure and just under one million in the current year but this trend unfortunately was not sustainable.
“I want to personally apologise to all who will now be upset and damaged by today’s announcement. Money and jobs will inevitably be lost but everything will be done to ensure a rapid return to normality.
“The understanding and help from all the players, staff, supporters, creditors, advisors, Directors and Steering Group has to have been seen to be believed and reflects the passion and love that so many people have for the club. Thank you all.
“The Board has been actively pursuing a strategy over this period of time to secure the clubs future without involving an insolvency event. We have been unsuccessful in our turnaround efforts but we will continue to do everything possible to allow the club to regroup and re-emerge as a strong entity with a long-term future.”
If the day couldn’t get any worse for Dunfermline, they were beaten 2-0 at home by Falkirk.