Skip to main content

Sons of the Rock fight on

The administrators at Dumbarton FC, Quantuma, part of the AIM-listed K3 Capital Group, have provided an online and video update on their work in trying to salvage the club, clean up the financial situation, and bring it into responsible and sustainable ownership moving forward.

Fans have done an incredible job in raising nearly £100,000 through a GoFundMe ‘Save Our Sons’ fundraiser at https://www.gofundme.com/f/save-our-sons-1872. That will keep the team on the pitch through to March 2025, but Quantuma estimate that another £30,000 will be required to reach the end of the season – so the effort will now need a new burst of energy. 

It is reported that there have been some 20 expressions of interest in purchasing Dumbarton, one of Scotland’s most historic clubs. A group of people close to the Sons are also putting in a Letter of Community Interest, seeking a pathway forward “to progress possibilities for a form of future ownership which prioritises the safeguarding and development of the club as an active part of the local community, and which is committed to running it as a sustainable small business rather than primarily as a magnet for land and property speculation or debt-loading.”

Conversations with serious interested parties are likely to take place in the New Year, but Quantuma admit that there is still a good deal of hard work to be done in the meantime. They say that they also hope to be able to say more about investigations into deals around Dumbarton in the context of its purchasing in 2021 later in January. As reported in the media, a number of representations have been made to the police about these circumstances. 

Dame Jackie Baillie, the local MSP, is among those who have made it clear that they want to see Dumbarton flourish in future as a community focussed club with greater supporter engagement and stakeholding. That would mean an end to the speculation, instability and financial uncertainty which have dogged the last decade and more. 

Big questions also remain for the football authorities about safeguarding, accountability and transparency as to who gets to own football clubs in Scotland. SFSA intends to continue to press hard for independent scrutiny in such matters. The continuing catalogue of crisis impacting the game cannot be allowed to continue if it is to prosper.    

In the meantime, the fan-led financial drive continues apace. Long-time supporter and local musician Robert Ryan has released a ‘Stand Up For the Sons’ song for Christmas and Hogmanay. Further fundraising events will be announced in the New Year.

 

 

Comments

Popular posts from this blog

Threat of financial calamity removed from Baggies

West Bromwich Albion had effectively been in decline ever since the club was sold to a Chinese consortium in August 2016, paying a figure north of £200m to buy former owner Jeremy Peace’s stake. Controlling shareholder Guochuan Lai’s ownership was fairly disastrous for the club, but his unloved tenure finally came to an end after Bilkul Football WBA, a company ultimately owned by Florida-based entrepreneur Shilen Patel and his father Dr Kiran Patel, acquired an 87.8% shareholding in West Bromwich Albion Group Limited, the parent company of West Bromwich Albion Football Club. This change in ownership was urgently required, due to the numerous financial problems facing West Brom, including growing high-interest debt and serious cash flow concerns, following years of no investment from the former owner. Indeed, West Brom’s auditors had already rung the alarm bell in the 2021/22 accounts when they cast doubt on the club’s ability to continue as a going concern without making player s...

Spurs to sell minority stake

Tottenham Hotspur is in talks to sell a minority stake in a deal that could value it at up to £3.75 billion and pave the way for Joe Lewis and his family to sever ties with the Premier League football club. Tottenham chairman Daniel Levy is seeking an investment that values the club at between £3.5 billion and £3.75 billion, including debt. While the terms of any deal have not been finalised, City sources expect Spurs to sell about 10 per cent. The club is being advised by bankers from Rothschild on the sale. Tottenham wants to raise fresh capital for new player signings and to help fund the development of an academy for its women’s team, as well as a 30-storey hotel next to its north London stadium. The financier Amanda Staveley, who brokered the deal for Saudi Arabia’s Public Investment Fund to take over Newcastle United, is understood to be among the parties to have expressed an interest in Tottenham. Staveley’s fund, PCP Capital Partners, has raised about £500 million to ...

Millwall punch above their weight

Millwall’s season was overshadowed by the tragic death of owner John Berylson following a car accident. The American had been an exemplary owner, beloved by the fans for his leadership, passion and generosity. Millwall’s finances had been pretty good during his tenure, which we shall explore by looking at the most recent accounts from the 2022/23 season, when the club narrowly missed out on a place in the play-offs after finishing 8th. Millwall’s pre-tax loss slightly reduced from £12.6m to £12.2m, as revenue rose £0.8m (4%) from £18.6m to a club record £19.4m and player sales improved from a £0.1m loss to £2.5m profit. However, other operating income dropped from by £1.1m from £1.3m to £0.2m, while operating expenses increased £1.7m (5%) from £31.6m to £33.3m. The main driver of the revenue increase was broadcasting, which rose £1.1m (12%) from £9.1m to £10.2m, though match day was also up £0.4m (7%) from £5.8m to £6.2m. In contrast, commercial fell £0.7m (19%) from £3.7m to £3....