Gavin Masterton has explained the reason why Dunfermline have been placed in administration claiming that he has personally injected almost £1m into the club this season.
Masterton is the majority shareholder at the club with the bulk of the estimated debt of £8.5m believed to be owed to the former Bank of Scotland high-flyer.
Dunfermline’s administration highlights the lack of interest that the SFA show in their licensing procedure with the club failing to post audited accounts since April 2011.
Any club that fails to produce audited accounts clearly has major financial problems with Masterton outlining these in a statement on the Dunfermline website tonight.
“Despite my concerns regarding events over the past six months the ultimate responsibility stops with myself,” he said. “Over the years the Masterton family have invested several millions of pounds into the club to establish the infrastructure and just under one million in the current year but this trend unfortunately was not sustainable.
“I want to personally apologise to all who will now be upset and damaged by today’s announcement. Money and jobs will inevitably be lost but everything will be done to ensure a rapid return to normality.”
“The understanding and help from all the players, staff, supporters, creditors, advisors, Directors and Steering Group has to have been seen to be believed and reflects the passion and love that so many people have for the club. Thank you all.”
“The Board has been actively pursuing a strategy over this period of time to secure the clubs future without involving an insolvency event. We have been unsuccessful in our turnaround efforts but we will continue to do everything possible to allow the club to regroup and re-emerge as a strong entity with a long term future.”
Extensive redundancies are expected before the weekend as administrators PKF cut costs to the bone in an attempt to complete the season.
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more un audited accounts what is the point of rules when sfa,spl sfl dont bother about them then clubs get into dificulty its ment to be a shame how can this be
Nearly 2 years since accounts have been audited as mick says what’s the point in having rules for this kind of thing no wonder scottish football is in the state it’s in , a think we can forget about sevco getting the accounts audited any time soon who’s going to say anything if there not ? HH
Vincent Lunny
ANOTHER HUN CLUB RUN BY CORRUPT HUNS, AND THERES NONE MORE CORRUPT THAN MASTERTON, THE UNDER HAND INVESTMENT LOANS HE HAPPILY SANCTIONED WHEN AT BOS TO ALL HIS HUN MASONIC FRIENDS.
THERE WILL ONLY BE ONE WINNER IN THIS AND IT WILL BE MASTERTON AND HIS SECRET HANDSHAKE MOB, THE SFA ARE ONCE AGAIN COMPLICIT IN ANOTHER ADMINISTRATION SCANDAL, HOW MANY TIMES ARE THE MOST BASIC RULES OF THE FOOTBALL ASSOCIATION GOING TO BE BROKEN BEFORE UEFA STEP IN, ANOTHER GROUP OF HUN ZOMBIES SOON TO BE ROAMING THE STRES OF SCOTLAND.
HOPEFULLY ” THE DUMFIRMLINE” WILL BE PLAYING “THE RANGERS” NXT SEASON IN THE 4TH TIER OF SCOTTISH FOOTBALL.. HAIL HAIL, GOD BLESS THE CELTIC+
He should phone sir minty and ask for some of the money his bank gave oldco/minty.HH
What goes around comes around.
The downfall of the shame of Scottish football is in its second season.
I’m quite sure Masterton will not be out of pocket, any monies declared lost will be amply compensated by other means (Ownership or land / assets / future rent). I’ll ignore the crocodile tears from Masterton, he has already forced the liquidation of Livingston for his profit and no doubt will do likewise with Dunfermline.
Hopefull the police / HMRC rather than the SFA will be investigating his dealings in these & other clubs. Looks grim for the players & staff at Dunfermline but that’s what happens when you let crooks take control. A clean break is what is really needed, build / share a stadium and let Masterton pay for redevelopment, as Fergus once said I wouldn’t give him a thin dime.
Just over 2700 for a club fighting for its life what’s the point, never been a fan of clubs joining together but 4/5 clubs in fife far to many worked in fife a few years ago and it was full of Celtic and oldco huns can honesty say never met any guys who support a fife team. Time to get the numbers of clubs down in scotland. Angus is the same far to many clubs. Wise up or die HH
I agree.
One thing I’ve learned from the rangers’ liquidation, and the way Scottish football is run, is that ordinary people should never trust the money-grubbers like Murray, Masterton, Green, Whyte, or many others like them. They’d destroy all our lives and everything we value for an extra couple of pence on their share prices.
Yet we still allow these guys to carry on with their corrupt, unscrupulous business dealings unchallenged. They destroy football clubs, industries, and people’s lives, but move on unscathed to find something else to destroy for a profit.
No wonder Scottish football’s in such a state, no wonder the country’s in such a state, no wonder the world’s in such a state.
I just hope its not too much to ask that operation Horbet gets completed to satisfaction, bringing Masterton et al to account for years of alleged corporate fraud and financial wrong doings. Time will tell.
Spoken like an economical poet! HH