Fans' Bid Restarts
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Dear Fellow Supporter

We'd like to give you an update on what is happening re our attempt to buy the majority shareholding in the club.

Firstly can we assure you that all the contributions are still in a separate bank account and can we remind you that if you feel you'd like your contribution returned, simply email us at info@buyeastfife.org with your full contact details.

We have outlined some developments below but as is often the case we cannot go into a lot of details, either because we don't have the detail or because of the need for confidentiality. We hope you'll understand that this is as frustrating for the working group as it is for everyone else.

The Current Directors' Bid
We have been made aware that this has not been completed after nearly a year. Should their approach fail we have been informed there is a strong possibility that the seller would be willing to deal with us.

Community Share Company
We have been actively exploring setting up a Community Share Company as the best form of organisation to buy the majority shareholding. This would allow the wider community to join in and would help raise capital for the share purchase. It is a democratic set up with one vote per person irrespective of how much is invested and anyone buying shares only gets their money back and would not benefit individually from any increase in the value of the company. In addition the assets are locked to prevent future exploitation. We have been advised that changing the rules of the Supporters Trust may be the easiest way to create the new company and this is being explored.

Funding our Purchase
Please note that at this stage absolutely no discussion has yet taken place re the price of the shares
There are several possible approaches to funding our bid including:

1 To agree a deposit and installment process with the seller over an agreed period of time.
2 to fund it completely through selling shares in a Community Company and using the proceeds to buy the shares in the club.
3 to borrow the required amount from a community funder and thus buy the shares in one go. This would involve paying interest and fees. We have initiated discussion with a possible provider.
We are in the process of evaluating these approaches.

Our Business Plan
This is being rewritten to include a more detailed explanation of how the club (not the share purchase) would be financed and run in community ownership. We are having discussions with individuals who can provide support with the operational side of the club and generate additional income through a range of community and commercial activities. In addition we have spoken with some individuals who may be willing to place their business and commercial experience at our disposal.
When this is complete a detailed plan/brochure will be published.

The Legal Side
Recent changes in the law made by the Scottish Government mean that football clubs will be regarded as community assets and so could be made available for purchase by community groups. The technical details are yet to be decided over the next two years but the basic idea is that if the seller is willing to sell then community groups have the first option to buy at a price determined by an independent valuer.
While this does not change our immediate situation it does send an encouraging signal that the Scottish Government is committed to the idea of community ownership.

What Happens Next?
All the discussions mentioned above will continue. We are confident we will be able to put a bid and we are putting in place the elements we'll need to make it a success.

Thank you for your continuing support.

The EFFS Working Group
Allan Duthie; Laura Anderson; Stephen Mill; Eugene Clarke; Liam Anderson; Paul Munro; Colin McInnes; Kerriann Paterson

You can contact us at info@buyeastfife.org



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East Fife Supporters Society
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Methil, Fife KY8 3RS

"a dishonest Gang of 4" that's a bit harsh, what evidence do you have to support this?

All these hits and nobody winging apart from 1 tosser out to cause trouble again. Things are NOT bleak, they are bright. You are in a very small minority pal, get used to it! Unless you have got the money to do anything about who owns the club, zip it.

Quite right,we are just getting a head of steam up here and the minority are trying to throw
a spanner in the works.

Who the hell has the right to call these guys dis-honest,what a load o phish.

Oh and good timing on resurrecting the bid again,slowly getting a grip off field and on field
and the usual suspects throw this in.sorry but bad timing with this bid thing again.

I think if the favoured bid by current directors has not gone through after about a year it's quite a good time to re launch the community ownership bid.

It's only a bad move if we are yet again being strung along by the current owners in order to force the preferred bidders hands or deflect from the lack of progress with that bid.

I think the steering group are savvy enough to only be getting involved again if there is a real possibility of success.

How about their denial that Neil Rankine has anything to do with East Fife, when the SFA has shown that he does.
How about their refusal to give any details of the land sale at Bayview, and refusal to say who the land was sold to.
How about their bogus bid to buy the club. It is a smokescreen.

It's not harsh to call the gang of 4 dishonest. It is not in their self-interest to be honest with East Fife supporters.

But who cares? Three wins in a row, it's blind eye time.