Bid to control East Fife hots up

THE LATEST GROUP seeking control at East Fife has wasted no time in picking up the gauntlet thrown down by Sid Collumbine, the Falkirk businessman himself seeking a stake in the third division club.

David Stevenson and his associates were challenged to match or better his offer of a £45,000 interest-free loan to East Fife for a seat on the board and now say they are happy to equal this.

Mr Stevenson said he had received “significant support” since he wrote to shareholders offering £4 a share—the Collumbine offer is £3.

He said, “We would be happy to work with the supporters’ trust and see their representation on the board by their ownership of 2100 shares.

“Thereafter if the trust and other supporters wish to discuss bringing further investment into the club then we can discuss how and when this is best achieved.

“However this discussion must be in consultation with all of our supporters and be in the best interest of the long term future and stability of the club.”

He revealed the group’s vision for the future of East Fie would see money received from the sale of land around the stadium being used for a youth academy for the benefit of the community.

They share the vision of the recently-formed Fife Fans for the Future group and would seek to work with them in achieving the academy, which it is hoped would produce a conveyor belt of talent from Levenmouth and the East Neuk.

Mr Stevenson added, ”Shareholders who have for years had no financial benefit from their shareholding will also be rewarded with the first dividend in living memory.”

“However this discussion must be in consultation with all of our supporters and be in the best interest of the long term future and stability of the club.”

As if it's not clear what the supporters want - rid of Derrick Brown, Stevenson clearly does not share this vision, probably because he is fronting him.

'Mr Stevenson added, ”Shareholders who have for years had no financial benefit from their shareholding will also be rewarded with the first dividend in living memory.”'

Does that mean they'll sell the land and distribute some of the proceeds to the shareholders? i.e. Money will be actually going out of the club?

Thats the way it sounds, so basically this group want to quickly sell of land that could double or treble in value after the power station comes down and then divide the money amongst the shareholders

If I was a shareholder i'd be insulted at being offered this money, and I would insist that it is used to develop the club.

This is all a very opportunist, confused "bid" and there seems to be no substance to it, or no thinking involved in it whatsoever.

I'm backing Black-Collumbine all the way.

With regard to the sale of the "ground",does anyone know what thw rival bidders mean by "ground"?Is it the whole area including the stadium,which could mean sale and lease- back a la Raith Rovers,is it the area outwith the perimeter wall?Is the area opposite the stand with the first ,say 20 yards,being retained by the club for a second stand.
Perhaps the rival bidders can clarify?

What a load of bull from "David Stevenson and associates"! Can they name a single shareholder who has given them support of any kind? No. Thought not.

Question is - will the press be gullible enough to print this rubbish without asking them some hard questions.

Come on, David, name names. Who are your associates? Who are your supporters? Why are you trying to prop up the last dictator in Scottish football? What persuaded you to sign a letter that seems to have been hawked round various people before you put your name to it.