Dunfermline Athletic have been saved from liquidation after a bid by Pars United for a Creditors Voluntary Arrangement was accepted.
With the CVA now agreed, thanks to achieving the support of 75 per cent of creditors, the Scottish League One club avoid a £150,000 bond requirement and a 10-point deduction from the Scottish Football Association.
Gavin Masterton, the club’s former owner, was a notable absentee from the CVA vote, giving up the money owed to him by the club, which is thought to be around £8.5million.
While an appeal can still be lodged against the CVA, Bryan Jackson of joint administrators BDO LLP, hailed “a great result for the club and for the supporters”.
In a statement, he continued: “I would also like to thank the creditors who, it should not be forgotten, have lost money as a result of this decision.
“Their forbearance in allowing this CVA to be approved is to be welcomed and they should be recognised for their generosity.
“I have to thank the fans, the manager, team and staff at the club as well as the the wider Dunfermline community who have made this day happen.
“Without their faith in the club and their desire to keep football alive in Dunfermline we would not be where we are. They should be proud of what they have achieved over the last few months.”
The club were initially placed in financial danger due to an unpaid tax bill and Jackson admits there are still hurdles to clear for the club’s new owners.
“There is still a lot of work to be done but the decision is clearly an important step toward the ultimate goal of the club coming out of administration,” he said.
“We now need to ensure that the new management team is ready for the considerable challenges that all clubs in Scotland face in the current economic climate.”