Consortium bids to allay fan concerns

THE TEXAS-based group looking to take over Dundee last night set their stall out by stressing they only want to see the football club flourish in the future.

Football Partners Scotland (FPS), which is made up by the Keyes family, John Nelms and existing shareholders Bill Colvin and Steve Martin, hit back at their critics by outlining their plans for the Dens Park club in greater detail — and issued a statement designed to try and allay any fears fans may have had about the US-led consortium’s motives.

Revealing that their proposed £650,000 investment will be made up of £420,000 from Keyes Capital and Nelms, £180,000 from Colvin and £50,000 from Martin, FPS have pledged that the total sum will be available within a few weeks for use by the club board “as they see fit” if and when shareholders vote in favour of the cash injection on August 13.

All of that is the contributors’ own personal cash, “nothing more, nothing less”, while Colvin will surrender his interest paying £100,000 DFC50 Bond in return for shares in the club.

FPS would therefore own 56% of the issued club’s shares, but FPS are similarly quick to point out that fans group DFCSS will continue to have the largest individual shareholding group in the club.

Furthermore, Courier Sport can reveal that Nelms plans to fly to the UK on August 6 to meet with Dundee fans and face questions from the Dark Blues support.

The statement comes after the Dark Blues Business Trust said it was willing to invest at Dens Park, but only if fans voted to reject the US takeover bid amid concerns such a package would be bad for the club.

However, a spokesperson for the Texasbased bid maintained last night: “FPS only want one thing, to see a thriving and successful Dundee Football Club that is an integral and important part of the Dundee community.

“They wish to build upon the recent work done by the DFCSS and strengthen the club’s foundations and see the club back playing in the highest league in Scottish football and competing for major trophies and entertaining fans.

“There are no guarantees in this game and FPS realise that financial investment does not guarantee football success.”

“Every fan of this football club in particular will recognize that statement after the recent and troubled financial history of the Dundee Football Club,” added the spokesperson.

FPS stressed that investing in John Brown’s first team squad was “by far the most pressing and important benefit” of their offer, pointing out it would enable the club to attract, retain and develop senior and younger players while also allowing the club to offer longerterm contracts to targets.

The consortium, in wishing to develop the youth system, also wants to expand the club’s scouting network across Scotland, increase the number of youth coaches, and broaden the size and reach of Dundee FC teams playing across the city.

“There are several excellent young players coming through into the senior squad this season, testament to the work already done, and we believe with more hard work, increased coaching resources, expanded scouting network, dietary and fitness improvements there is the potential to develop more of our own first team players,” the statement added.

In addition, FPS have promised to improve areas of Dens Park itself and build up cash reserves to deal with any major unexpected structural issues.

FPS also revealed last night that they have agreed to a number of veto requests from DFCSS about possible changes at the club, with the Supporters Society able to block any future sale of the club, and alterations to the club’s badge, colours, stadium location and name.

However, FPS say there are no such plans in the pipeline in any case.

DFCSS’ ability to veto also extends to any borrowing by the club in excess of £50,000, a clause FPS say is to avoid a repeat of previous borrowing which threatened to put the club out of business.

“The football club’s existence was put at grave risk in 2003 through excessive and unsustainable bank borrowing and in 2010 through unfunded financial commitments and FPS want those situations to be avoided at all costs in the future,” the consortium added.

Highlighting the fact that a three-year cost model is in place moving forward, FPS say their plans are based on Dundee winning the First Division this season – but insist that the club would still be adequately funded if immediate promotion back to the top flight is not achieved.

The group also stressed that they are willing to work with any Dundee fans, fans organisations and local businesses who want to invest in the club.

SNS John Brown.