Minutes from meeting part 1

27 May 2013 10:05
at north end club re investment

FAO Fans looking for more information regarding investmentI received this email as a member of the billy steel bus canvassing my thoughts.The BSDB attended a meeting last night (Thursday) in the North End Club called by DSA chairman George Harris. The main topic was the investment/takeover plans by the consortium of Texan businessmen and two existing Dundee FC directors (Bill Colvin and Steve Martin) – and in particular a meeting that took place in the Apex Hotel in Dundee on Tuesday with the Texans’ representative John Nelms.Attending the Tuesday meeting were George Harris and other Dundee FC fans’ representatives. It lasted five hours during which time Mr Nelms apparently answered a battery of searching questions. There were too many of them to report here but DSA are sending out minutes to supporters’ club secretaries. A summary by Dundee businessman and fan Craig Hill is on the official DFC site under the title “US Investment in Youth or the Status Quo”. There are also Topics on Dundee Mad.The DSA members went into the Apex meeting highly sceptical but reported that they were totally satisfied with the answers they received – with the rider that these answers would have to be put in writing in a legal document.The North End meeting last nearly two hours and covered many associated subjects. I will list some of the more interesting points.Former player Brian Scrimgeour also backed the takeover moves and said manager John Brown was in favour too.It was claimed DFC directors have known about this for a year, despite denials from some quarters.The “Texans” would not launch a “hostile takeover”. Out of their total of 51 per cent of the shares, Bill Colvin (who has already put £400,000 into DFC) would have 28 per cent, Steve Martin one percent and the Texans about 22 per cent. When unsold shares were taken up DFCSS’s percentage holding would fall from 52 to less than 27 but never lower that the 25.1 per cent which would give them a veto over any future dealsThe consortium would invest around £1.4 million, £700,000 of it the day after the contract was signed. The ground would be bought from John Bennett and placed under the control of Dundee fans. It was also stated that a “former club chairman” had agreed with Mr Bennett that the ground rental would rise from £42,000 per annum just now to £200,000 per annum in 2017. This places a big question mark over future finances.The two Dundee directors and CEO Scot Gardiner (the only trip paid for by DFCSS) visited Texas but there were counter claims that this was believed to be only for establishing a youth set-up, not an investment/takeover.

Source: Dundee Mad