Masterton explains Dunfermline administration
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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