minutes from Saturday part 1

04 June 2013 04:31
form the penman

Following yesterday's Q&A session in the Penman Lounge, for those unable to attend, below is the opening statement given by Society and Club director Maurice Kidd, detailing the chronology of events from the past few weeks, right up until Saturday morning before the Q&A.


Around the end of April / beginning of May last year, there was a call made to the Club from a gentleman in the States registering an interest, on behalf of a consortium, in investing in the Club and in particular Youth Development.The CEO took the call and in the subsequent weeks was involved in a number of follow up calls determining how serious the interest was. Around the middle of June an NDA (NON DISCLOSURE AGREEMENT)was activated covering the consortium and Directors and CEO of Dundee Football Club.At this point I must point out the CEO has intimated the NDA has now fallen, therefore I assume I am free to speak about this. The group came over to visit in July and indeed attended the pre-season derby.In September an outline proposal was received detailing the amount and nature of the proposed investment.The Club Board met and agreed before the proposal could go any further, due diligence would be required.The consortium responded saying they accepted the need for due diligence, and indeed accepted the Club’s need for an advance cash bond from them to cover the costs. In December, following a strange period of silence during which no cash bond had been received or progress made, the CEO was contacted by the consortium saying they were still in the game.

Source: Dundee Mad