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Dunfermline: Gavin Masterton signs over Pars shares

Last updated on .From the section Footballcomments39

Dunfermline majority shareholder Gavin Masterton

Gavin Masterton has signed over his shareholding at Dunfermline with the First Division club in interim administration.

Masterton said he hoped the move would "help the club rebuild for the future".

Dunfermline were granted interim administration last week in a bid to stave off a winding-up order launched by HM Revenue and Customs.

And the Scottish Football League is due to begin disciplinary proceedings against the Pars.

Seven first-team players and assistant manager Gerry McCabe were made redundant by accountants PKF.

And by taking steps towards administration the Division One club face a points deduction.

Masterton said he hoped that, by transferring his shares, administrator Bryan Jackson would be able to carry out his job more effectively.

"I appreciate that the fans will also be doing their best for the club and hope that we can all work together to ensure DAFC is still around for another 128 years," added Masterton.

Dunfermline owe £134,000 in taxes and have further debts worth around £8.5m outstanding to Masterton and other companies.

Jackson has pleaded for leniency, claiming a severe punishment could impede his ability to save the club.

"I am grateful to Mr Masterton for handing over his shares," said Jackson.

"This will make the process of administration considerably easier and this action, along with the decision by various supporters and business organisations to unite behind the club in the Pars United group, gives me some hope that we can have a positive outcome from the administration process.

"I would echo Mr Masterton and Pars United in encouraging all fans, and the wider community, to get behind the club in any way that they can.

"We are also pleased to announce that we have been able to provide a small advance on April's wages to all players and staff from the generous donations received by fans and benefactors since the announcement of the interim administration last week."

SFL chief executive David Longmuir will meet Jackson before initiating disciplinary procedures.

"I was speaking to Bryan Jackson and I will be meeting him [on Thursday] to discuss the plans that he has and how he sees the future of Dunfermline," explained Longmuir.

"That actually is the most important issue facing the league.

"We need to be able to manage that situation, as we have managed all the other unfortunate insolvency issues we have had.

"I will be meeting Bryan to try to assess the situation before we do anything. I have given him time to try to see what's happening at Dunfermline. I've been in contact with all the key players within the club, I know what's going on and the SFL will deal with that in the next few days.

"That process of deciding penalties will commence after I meet Bryan. It's only fair that I have given him some time to assess the situation before the football authorities come in and do whatever we have got to do.

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39 comments

  • Comment posted by Ecksfreelunch, at 11:44 4 Apr 2013

    Perhaps now the Scottish football authorities will investigate the conduct and funding of this "wealthy" individual. Similar conflicts of interest of funding and ownership must in future be avoided to protect the interests of football fans and communities across the country.

  • Comment posted by Tartanian, at 13:16 4 Apr 2013

    If the Mastertons "invested" millions (as Jim Leishman put it), how is it that the club now owes them those millions.

    There is a world of difference between an investment and a loan.

    Nothing wrong in either case, but an attempt at 'spin' worthy of Richie Benaud at his best.


    The football authorities should prohibit directors and their [other] companies from loaning to clubs, i.e. for a return.

  • Comment posted by User0952766515, at 11:57 4 Apr 2013

    He should take the rest of the imposters with him.
    They are all culpable, Yorkston, Leishman etc. they all stood back and watched the demise of the club over the years.
    Lets start again from scratch and have people on the board who have some integrity.
    Not publicity seekers..... Jim!

  • Comment posted by D1666445412850, at 17:49 4 Apr 2013

    So let me get this right, masterton can walk into the club,buy shares,own the larggest stake in the club. Then put in money and rack up debt due to himself then hav the cheek to call it in.sorry but thats wot u hav to expect when u enter into ownership of a football club. Sounds more like a loan shark to me. I for one wont give a penny to the club until im promised masterton wont c any of it.

  • Comment posted by Football_understand, at 17:22 4 Apr 2013

    Firesale!!!!!!!

  • Comment posted by User0550638040, at 11:51 4 Apr 2013

    lol - pleaded for leniency

    You reap what you sow, i'll enjoy shopping at the new asda where east end park used to be

  • Comment posted by User0686847258, at 12:01 4 Apr 2013

    No sympathy for Dunfermline or any other club who has gone into administration/liquidation by trying to live beyond their means, serves them right, wonder what number Sevco will give Dunfermline, Good riddance to them!

  • Comment posted by Football_understand, at 19:33 4 Apr 2013

    lol

  • Comment posted by User0909066848, at 17:52 4 Apr 2013

    sorry don't feel sorry for the club or its support when your clubs in need of cash example Gers & HOM fans turned out in there numbers to give as much needed cash as possible where were the dunfermline fans for falkirk game no where to be seen thats where if you cant help yourselfs why expect anybody else to help you only people i do fell sorry for are cleaners shopworkers ticket office staff

  • Comment posted by User0595320439, at 09:22 5 Apr 2013

    If Dunfermline is treated leniently, it makes an injustice of the punishments to Livingston and Gretna.

  • Comment posted by Tartanian, at 13:05 4 Apr 2013

    "That process of deciding penalties will commence after I meet Bryan..."

    In other words, as happened with Dundee, the SFL will decide how heavily to punish (in terms of where the club will end up) and then make up a penalty to cahieve that outcome.

    Unless penalties, etc. are known (to all) and applied with consistency, it brings Scottish football (and its administrators) into disrepute.

  • Comment posted by Scott1207, at 01:18 6 Apr 2013

    Dunfermline Managers view a year ago on financial regulation being in place http://www.dailyrecord.co.uk/sport/football/dunfermline-boss-jim-jefferies-rangers-1120262. No criticism of Jim here - stating the obvious, a year ago. What's been done since then by the SPL, the SFL and the SFA ( surely the most appropriate 3 letter acronym ever). Overpaid and underachieved. Please go now Regan & Co

  • Comment posted by User0671296020, at 14:40 4 Apr 2013

    22. Boogie Bear

    David Cameron IS NOT campaigning to help Rangers and Celtic into English football.

    The Sunday People article was penned by an associate of Charles Green's, and is therefore considered a PR piece.

    No truth in the story at all, but fabricated to dupe the gullible.

    I see it's working.

  • Comment posted by Bib, at 15:24 4 Apr 2013

    26. Boogie Bear The team that wins, gets the spoils. If you remove the OF and some other team dominates and it's not yours, then you'll be asking that they get removed as well. That will continue until your own team starts winning by which time, it will be okay to dominate, but others will start complaining.

  • Comment posted by Williebraveheart, at 12:38 4 Apr 2013

    Third division beckons. Dumping ground for all football wrongdoers.

  • Comment posted by Boogie Bear, at 14:02 4 Apr 2013

    Its only a matter of time before all clubs end up in financial trouble if Scottish football carries on without major overhaul - ie the Old Firm stop sucking all the money out of the game. I hope the rumour that David Cameron is backing the OF admission to the English league is true. We can then forget the daft reconstruction, have a competitive league of two divisions, where money is fairly split.

  • Comment posted by User0718181750, at 16:15 4 Apr 2013

    #14
    Completely agree. Masterson should be forced to cancel all debt that he is owed by the club seeing as he and his cronies are to blame for the club ending up in such a state. It is not the fault of the supporters.

  • Comment posted by User0405076794, at 14:16 4 Apr 2013

    #19

    Why would the Prime Minister of the UK be remotely interested in backing the OF going to an English league???

  • Comment posted by LarkhallLoyal, at 23:18 6 Apr 2013

    I expect a 25 point deduction and a £100k+ fine for bringing the game into disrepute. When is Masterton being investigated for fit and proper person by the SFA?

  • Comment posted by User0671296020, at 15:31 4 Apr 2013

    26. Boogie Bear

    It's not a rumour, it's a fabrication, an outright lie.

    Rumours can, and often do, have some semblance of truth to them.

    This story, though, was totally fabricated from start to finish.

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