The board of the East Fife Supporters’ Trust has launched a bid to buy the club from the current majority shareholders.
The development came as yet another twist in developments at Bayview over the past week following on from the resignation of chairman Lee Murray.
Mr Murray stepped down from his role on Tuesday morning, saying his position was made untenable due to the owners’ unwillingness to share his vision of a future for the club.
And it was Mr Murray’s resignation which the Trust says acted as a catalyst for their contact with the shareholders.
Allan Duthie, chairman of the East Fife Supporters Trust, said: “After the recent resignation of Lee Murray as chairman of the club we established contact with the club’s majority shareholders to express our concerns.
“They indicated they would be interested in receiving a bid for their holdings from the Trust and we are now working with Supporters Direct Scotland to develop a plan to make that happen.
“The Trust see this situation as an opportunity, finally, for our club to be owned by our supporters.
“Clearly it will require great commitment from our supporters both financially and in other ways for our efforts to succeed.
“Obviously much work has to be done and it will not be possible to provide updates on every detail of the negotiation but we will aim to keep everyone advised as far as we can.”
Supporters Direct Scotland has already advised several other clubs on supporter buyouts including Hearts, Dunfermline and Stirling Albion.
A public meeting of supporters is planned for Saturday, August 30 following the club’s home match against East Stirling.
The Supporters’ Trust has over 6000 shares in the club.