CLUB UPDATE

The club had hoped to announce a preferred buyer for the club this week. Detailed discussions have been continuing apace with two interested parties, with the focus on ownership and leadership, structure and football strategy. The parties involved have clear plans for taking the club forward, both on and off the pitch. The deal will require a future owner to give a legally binding commitment to a substantial investment in the club. Details of the negotiations remain confidential. As the outcome should lead to a change in control of the club to the new owner from the existing shareholders, the major shareholders are taking the lead in these negotiations prior to making a recommendation to the board.

Meanwhile, progress has been made regarding the player budget and player signings. In order to secure the signings of key players, the manager requested that his budget be increased beyond the amount generated in the break-even plan for next season. While it is expected that this increase in funds will come from the new buyer, to bridge any potential gap, major shareholders and directors have committed to put up the additional money if required. This means that the manager does not need to hold back on his plans until an ownership deal is concluded.

The departure of Craig Campbell, our former CEO, and role changes in then boardroom, have put pressure on the running of the club at our busiest time of the year.  In this interim period until new owners are in place, Kieran Koszary has assumed a greater role in the general management of the club and directors Andy Thomson and Lex Miller have provided support in the areas of finance and football respectively.

I would like to thank all our supporters for their continuing support. We fully appreciate the concerns after last season. These have been torrid times and uncertainty will remain until a new regime is in place. No-one is dragging their heels over change – the major shareholders and the directors want to see change in place as soon as possible. But for the sake of everyone at the club, we have to be 100% sure that the new regime will deliver what our supporters deserve; a well-funded and sustainable club, with the ability to deliver a football strategy to get us to the Premiership.

Martin Ritchie

On behalf of the board