Dunfermline owner Gavin Masterton has announced that he is to resign from the East End Park board, but only after the share issue has been completed. Dunfermline plan to use the share issue to raise around £500,000 to keep the First Division side going until the end of the season.
On his decision to quit, Masterton said: “DAFC has always been a great passion of mine. Over the past few months, many parties have continually asked for unity between the supporter groups and the board and this has obviously not happened. I hope
therefore my decision to step down from the Board of Directors will have a unifying effect.
“Every group can have a potential role to play in the future of this great Club and the key then is for people to sit down calmly and discuss each and every option. I have stated repeatedly that Dunfermline is too a small town for squabbling about the clubs direction and that everyone must pull in the one direction otherwise Dunfermline risks losing a huge asset to the town and local economy.
“I have found the intense pressure that I and my family have been placed under over the last 6 months has become unbearable. As such I feel for the club to move forward it is only right that I and my family now take a step back. I still have a substantial investment in the club therefore it is in my interests to see the club go from strength to strength, I do hope the club will get back to where it belongs.”
Tracey Martin and Karen Masterton will also resign from the club’s board once the share issue has been completed and after a ‘orderly transition and handover to a new board can be facilitated’.
Pars legend, Jim Leishman, will assist the board with the share issue and the transition to a new board, as the head of a working party – consisting of local business people.
The Pars owner will continue to promote the club’s share issue, stating that it is essential for the club’s survival.
Masterton added: “It’s quite simple, if the club can not go ahead with the share issue, there simply will be no club – our aim is to raise £300,000 to £500,000 through the share issue which will help provide stability to the club’s cashflow. The share issue will also provide fans the chance for their voice to be heard on the board and will provide three seats on the board. The club has to progress with this to secure its future.”
A Dunfermline fans spokesperson stated: “People need to understand what if anything is different? John Yorkston fronted the club for many years though the control has always been in the hands of Gavin Masterton. Will new front men make a difference if Masterton controls the club through his shareholding? We need to find out.”
Despite the threat of the club’s existence at risk, if the share issue does not go ahead, the Fans spokesperson added: “We need a face to face meeting with Gavin Masterton as soon as possible. We are very concerned that a share issue is going ahead without relevant financial information being in the public domain, such as the last set of audited club accounts (year to 31 May 2012), and also the 2012 accounts of the holding company, Charlestown Holdings ltd.”
It was also announced today that the Scottish FA have issued a notice of complaint to the East End Park side for failing to pay Hamilton its share of gate money for the Scottish Cup tie on 2 February, a principal hearing date set for 21 March.
Meanwhile, John Yorkston will be appointed Honourary president in recognition of all his work over the years as Chairman.