Dunfermline Athletic have applied to be put into voluntary administration after being presented with a winding up order from HMRC for an unpaid bill of £134,000.
Bryan Jackson of PKF will handle the administration which is aimed at securing a viable future for the club by agreeing a CVA with creditors.
If that fails the club will be liquidated, reform with the word The in their title and be given associate membership of the SFA and SFL.
Jackson has previous administration experience with Clyde, Clydebank, Motherwell and Dundee and will have his fees paid for by a group of Dunfermline fans.
Majority shareholder Gavin Masterton, a former high flyer with the Bank of Scotland, is the biggest creditor with debts believed to be around the £8.5m mark.
Former Dunfermline boss Jim Leishman said: “There is a group of Dunfermline Athletic supporters who have underwritten the administrator’s fees, which is great. So we are back in the game.
“It was either liquidation where you are done and dusted, and you have nothing. But we are giving it a chance.
“We will be speaking to the administrator, if that gets the go ahead we will be speaking to him.”
Pars boss Jim Jefferies said: “Fraser Wishart (of the PFA Scotland) has come down to see the players on behalf of the PFA and just explained what administration means for the players and the staff, because it’s the first time I have been in administration even though I have been at clubs that have been threatened by it a few times, but never really got to this stage.
“We learned a few things in there, what can happen. The good news for the players, the boy that has been appointed, Bryan Jackson, has worked with other football clubs and players, so Fraser has got a good working relationship with us.
“It has been pointed out to us that Bryan takes on a commitment to get the rest of the debt frozen and then he has to go to the Court of Session and try to work out a deal with HMRC. There is still a danger we can go into liquidation.
“But I’m sure there will be other people working with the administrator to make sure that doesn’t happen.”
There are no set penalties for SFL clubs that go into administration, in 2010 Dundee were docked 25 points for going into administration.
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