East Fife board of directors hit back at finance rumours

Bayview stadium
Bayview stadium
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East Fife have moved to quash speculation regarding the state of the club’s finances.

The board of directors released a statement which says the club has “sufficient funds for their needs”.

It was released on the club’s website as a response to rumours circulating that the Bayview side were in financial trouble as the directors launch a bid to take over the club’s majority shareholding, which has been accepted in principle by the club’s owners.

However a group of fans, the East Fife Supporters Society has said it is ready to make its own bid to own the club and are set to formally ask the club’s directors to shelve its own offer.

An open meeting has been arranged after the home match versus Clyde on Saturday, February 21, for fans to hear more information regarding the EFSS proposals.

The full statement reads: “Due to speculation in the local press and social media sites about the financial position and ownership of East Fife Football Club, the Board of Directors would like to state that since the changes at Board level the club has sufficient funds for their needs and that the accounts for the year 2013 to 2014 have been signed off by the club accountants and accepted at the AGM.

“Their bid to take over the majority shareholding of the club is still ongoing.

“We are disappointed that this speculation may have resulted in our failure to achieve our aim of having a Community use 3g pitch installed at Bayview Stadium.”