Summary of latest events of the investment saga: Late last night an electronic handshake marked agreement in principle on the Scottish-American investment that will eventually see a seven-figure sum ploughed in. All that’s left now is for lawyers to draw up the necessary papers but even while that’s being done the new regime will begin taking up position at Dens. Bill Colvin, Steven Martin and Ian Crighton will come back to the board from which they resigned at the end of May in protest at a lack of progress with their plans. Bill Colvin will be named Chairman of Dundee F.C. American youth coach John Nelms will also become a director and be permanently based in Scotland. He’ll be responsible for an overhaul of the club’s youth system — an indication the new owners are in this for the long term. £600,000 will be invested by way of the purchase of shares, either unissued or newly created, meaning all the cash injected goes straight to the club. Part of that amount will be added to manager John Brown’s player budget for the coming season and that should see a goalkeeper and a striker added to his squad in time for the start of the new season. One final hurdle will be a special meeting at which the issuing of new shares has to be approved.
Posted on: Wed, 26 Jun 2013 10:01:17 +0000