Seven Dunfermline directors resign

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http://www.heraldscotland.com/news/h...-club.19253411

 

Jim Leishman quits Dunfermline board amid club turmoil

 

Greig Cameron

Deputy Business Editor

 

 

A Scottish football club is facing turmoil after the resignation of seven directors, sparking fears among fans over the future of the club.

 

 

 

Those who have stepped down from the board of Dunfermline Athletic include club legend Jim Leishman.

 

Documents filed at Companies House show vice-chairman Rodney Shearer, who runs Alba Trees, and chief executive Bill Hodgins have also left.

 

Craig McWhirter, who heads software company Bitwise, Christopher McBay of music retailer Guitar Guitar, motor dealer Stephen Curtis and Iain Jones, of KDM Shopfitters, are the others who stood down.

 

Sources indicated to The Herald the boardroom split centred on attempts to buy the East End Park side from the club's major shareholder, retired Bank of Scotland executive Gavin Masterton.

 

Some directors are thought to believe the Scottish First Division club would be better placed to thrive outwith the ownership of Mr Masterton's Charlestown Holdings vehicle. Members of the Dunfermline board are also understood to have been pressing for Mr Masterton to take professional advice over potential ways to restructure his business interests.

 

When contacted, Mr Masterton said: "We will be making a comment about [the resignations] in due course."

 

The lifelong Dunfermline supporter did not want to say anything on the financial situation at the club.

 

A club statement last night said there was now a Dunfermline board running the first team and East End Park and a second subsidiary board, named Black and White, which will focus on developing the club's youth programme.

 

Long-serving chairman John Yorkston is still in place. He played down the resignations, saying six of the seven would still be involved in the club in some way. He did not specify which roles those staying would take although he said four will move to Black and White.

 

It was later confirmed Mr McBay and Mr McWhirter would be moving to Black and White.

 

Mr Yorkston said: "Bear in mind we had 11 directors. We are re-shaping it. There is only one leaving us. The others are still going to be involved.

 

"It is getting things a bit clearer on who is doing what."

 

Mr Yorkston repeatedly declined to name the director who was severing all ties.

 

A spokesman for Dunfermline Athletic Supporters Club said: "This is quite concerning and very confusing.

 

"It is clearly not a good thing to see this number of directors resigning."

 

The most recently available accounts for Charlestown Holdings â?? which has interests in property and document storage â?? show it made a near-£4.2m pre-tax loss and had net debt of around £35.2m in the 12 months to May 31, 2011.

 

Dunfermline's accounts for the same period show a loss of £431,621.

 

The accounts show Mr McWhirter's Bitwise had loaned Dunfermline £95,000 while Mr Curtis was due £113,600, Mr Leishman £21,919, Mr Shearer £15,667 and Mr McBay £224,000. Steve Curtis Cars was also due £25,000.

 

It is not yet known whether any of directors who have resigned may now try to call in their loans.

 

In the accounts filed at Companies House Dunfermline are shown to owe £5.8m to East End Park Limited, which is believed to own the club's stadium and is itself owned by Charlestown Holdings. Charlestown Holdings is owed £2.4m.