Dunfermline Athletic FC CVA agreed by creditors

30/07/13: Statement from Adminstrators' BDO LLP

Listen to Bryan Jackson's Media Interview
The creditors of Dunfermline Athletic FC have approved the proposal by Bryan Jackson of accountants BDO LLP who is the joint administrator of the club. This means that the bid by Pars United for a Creditors Voluntary Agreement (CVA) will now go forward subject to any appeals.

The agreement was made at the Creditors Voluntary Arrangement (CVA) meeting held at East End Park Park on Tuesday and means that the club can now move toward coming out of administration. The vote, which required 75% of creditors to be in favour of the proposal, means that the club should not now face the SFA's £150,000 bond and 10 point deduction.

There is a 28 day period when creditors can appeal the decision and the process now moves on to working with the new management team over the next four to eight weeks.

Bryan Jackson, BDO business restructuring partner, explained:-

"Obviously this is agreat result for the club and for the supporters who have campaigned tirelessly over the last few months to save their club. I would also like to thank the creditors who, it should not be forgotten, have lost money as a result of this decision. Their forbearance in allowing this CVA to be approved is to be welcomed and they should be recognised for their generosity."

"I have to thank the fans, the manager, team and staff at the club as well as the the wider Dunfermline community who have made this day happen.. Without their faith in the club and their desire to keep football alive in Dunfermline we would not be where we are today. They should be proud of what they have achieved over the last few months."

Bryan concluded:-

"There is still a lot of work to be done but the decision today is clearly an important step toward the ultimate goal of the club coming out of administration. We now need to ensure that the new management team is ready for the considerable challenges that all clubs in Scotland face in the current economic climate. However, I am very pleased that the great name of Dunfermline FC will continue in the years to come and that we have had a positive outcome to what was a most difficult set of circumstances."

Listen to Bryan Jackson's Media Interview