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Wednesday, 20th August 2008

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Raith – the Rubik's Cube of football clubs



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  • REVEALED: Who owns what at 125-year-old town team
EVER tried to work out a Rubik's Cube?

That's the best way of describing The Fife Free Press' attempts at uncovering the ownership and structure of Raith Rovers on the eve of its 125th anniversary.

Sitting down with club chairman Dave Somerville (pictured below) to discuss an article on who owns what at Raith unravelled a complicated and rather tangled web that, for now at least, the club is stuck to.

We explained that we planned to print a simple pie chart to make it easier for our readers. "One pie chart won't be enough," Mr Somerville replied. "You'll need at least four."

Confused? You will be because the Raith Rovers of today is split into FOUR companies.

Company one is the longest-established, that of Raith Rovers Football Club Limited, which up until the early 90s was the sole company in charge of Raith Rovers.

Under Alex Penman the club created a new company, Raith Rovers Holdings Limited, which took over 56 per cent of the shareholding in the football club, giving it majority voting rights.

The newly formed holdings company effectively became the decision-making power at the club and in 2003, under the stewardship of chairman Danny Smith, took the decision to sell Stark's Park and eliminate the bank debts threatening the club's future.

That created a third company involved in Raith Rovers, West City Developments, with its directors Turnbull Hutton, Colin McGowan and Alex Short effectively becoming landlords for the football club.

A deal was then made with the majority shareholder of Rovers holdings company, Mario Caira, to give the landlords control of both the club and stadium in July 2004.

That all changed in December 2005 when a fourth company was created — New Raith Rovers Limited — following the deal to remove Short and McGowan from their stake in the club and stadium.


  • To read the full story pick up your copy of the Fife Free Press- now on sale first thing every Thursday morning.


The full article contains 336 words and appears in n/a newspaper.
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  • Last Updated: 18 June 2008 2:43 PM
  • Source: n/a
  • Location: Fife Now
 
 
  

 
 


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