BDO ADMINISTRATORS have sold collapsed football club Dunfermline Athletic six months after their appointment.
BDO partners Bryan Jackson and Robert Barclay were appointed joint administrators to the club on 27 March.
The supporter-backed entity Pars United have had their company voluntary arrangement (CVA) accepted by creditors and the purchase finalised.
A CVA is where 75% or more of creditors, by value of debt, vote in favour of the arrangement.
Bryan Jackson, business restructuring partner with BDO, said: “When I was appointed administrator of DAFC in late March I said it was a considerable task to save the club and, given the events of recent weeks, I wasn’t wrong.
“Given that this has been completed in just over six months, which is pretty quick for a CVA, I would like to congratulate the team at Pars United for their efforts over the last few months and wish them well for the future. I am very pleased that this historic club will live on following the successful completion of this process.”
In a further coup, Pars United also managed to buy Dunfermline’s stadium, which was also in administration with KPMG administrators appointed.
It was previously thought that Pars United would be unable to acquire both out of administration.
Dunfermline entered administration earlier this year following a winding-up petition from the taxman for £134,000.
The club was deducted 15 points and has been relegated to Scotland’s third tier.
This latest deal forms a growing trend towards BDO practitioners selling clubs out of administration to fan-backed entities.
Earlier this year Portsmouth FC was sold to the Portsmouth Supporters Trust by BDO administrators. They have also lined up supporter-backed Foundation of Hearts as the preferred bidder for Hearts FC.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children