dundeefc.co.uk/home/news_detail.asp?newsid=3067 The board of directors of Dundee FC are fully open to investment and on Friday, through the club’s lawyers, made a formal offer to a potential investment group to discuss terms, to which we have had no formal or substantial response as of Saturday evening We recognise and agree with the views of the vast majority of Dundee supporters that investment is welcome, but given the recent history of our own club and many other clubs, we feel that in the long-term interests of Dundee FC and its supporters, certain protections would be required of any group taking a controlling interest in the club, and such conditions would of course be open to negotiation with any interested party. Such protections would consist of: - representatives of supporters and the business community on any future board; - sufficient notice of board meetings to afford such representatives the opportunity to attend; - a requirement for such representatives to approve the club going into debt, moving stadium, entering into a ground-sharing agreement, changing colours or badge, or merging with another club; - and a first option for the supporters to purchase the shareholding of any proposed controlling party should they wish to sell their shares in the future. Additionally, the supporters should retain at least 25% of the issued share capital in the club to ensure that such rights are not removed without the supporters’ consent. The directors take the view that these protections are desirable and for the general benefit of all supporters of the club, and in no way onerous or designed to reduce the likelihood of investment, and have, following legal advice, taken the view that the Dundee FC Supporters’ Society should be named as the relevant interested party in such provisions as it is (as matters currently stand) the most obvious manifestation of the general interest of the supporters. In addition, given that the Scottish Football Association has placed the obligation on the clubs themselves to take a view as to those people being admitted as office-holders, and following advice from the club’s lawyers, the directors feel obligated to carry out some basic checks into any proposed office-holders, and the controllers of any entity which it is proposed will hold shares, to ensure that none of such persons are or have been subject to any of the issues listed in articles 10.2(a) to 10.2(k) of the Articles of Association of the Scottish Football Association. We would welcome the opportunity to discuss the terms of any proposed investment with a view to reaching a swift and amicable conclusion and with a view to drafting the appropriate legal documentation to procure this as soon as possible.
Posted on: Sun, 16 Jun 2013 14:00:53 +0000
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