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Tuesday, 30 July 2013

Dunfermline Athletic could exit administration with a CVA

Creditors are to vote on a Company Voluntary Arrangement  at midday at East End Park today, with the owner Gavin Masterton potentially holding a casting vote.  This is because 75% of the creditors by value who attend the meeting or vote by proxy can carry the CVA.

Pars United, the coalition of fans groups that is in line to buy DAFC plc and East End Park Ltd, which owns the stadium, have been working hard to ensure a yes vote. While some creditors may abstain, it is widely thought that to achieve a successful CVA either a full turnout of creditors is required, with the vast majority voting in favour, or Masterton must vote in favour or abstain. The latter is the most likely outcome.

If the CVA is not approved then the club will not be able to meet any of its fixtures and will most likely completely disappear.

Bryan Jackson, of the administrators BDO, told the BBC Sport website. "New sanctions kick in if we haven't got a CVA approved by the end of the month [a 10-point penalty and a £150,000 bond payable to the Scottish Football Association] if we're going into the new season.

"The first problem is that I don't have a way of funding going into the new season. I don't have a plan B. I wouldn't close the club down overnight if it doesn't go through, but I can't really see any great options."

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