Former Dundee FC vice-chairman Derek Souter last night called for everyone at Dens Park to put their differences behind them for the sake of the club.
In a wide-ranging interview Souter, who sat on the Dark Blues’ board in the late 1990s, cast a critical eye over the whole Keyes Capital proposal and raised what he believes are valid points shared by a considerable number of supporters.
The last few weeks have been difficult for all with the best interests of Dundee at heart, with Souter counting himself among them.
He has looked on as the first details of what the Keyes group planned for the club reached the public domain.
He then watched as the Dundee FC Supporters’ Society, represented in the boardroom by Dave Forbes, Maurice Kidd and Fraser MacDonald, asked for more information, due diligence and a ballot of their membership before throwing their weight behind the blueprint to inject £650,000 initially then follow that with approximately £750,000.
Bid-supporting directors Bill Colvin, Steve Martin and Ian Crighton subsequently tendered their resignations in frustration at the time DFCSS, which holds a
majority shareholding in the club, were taking to support the offer fronted by Texan duo Tim Keyes and John Nelms.
Latterly, peace appeared to break out but another question mark was raised on Thursday night when a planned board meeting, at which Colvin, Martin and Crighton were expected to return, failed to take place.
Souter now feels enough is enough.
“I despair about the constant, never-ending boardroom/director/supporters’ groups intrigue, which is manna from heaven for the media but is so debilitating for the fans of the club,” he said. “Could these competing interests, who are all fanatical DFC fans, albeit with hugely contrasting personalities, not just put these to the side and work together to ensure Dundee’s return to the SPL and thereafter its stabilisation as a serious top six/eight team?
“I also believe firmly that DFCSS, the DSA (Dundee Supporters Association) and the DBBT (Dark Blue Business Trust) should become one cohesive body. This would streamline communications between all fans.
“It would also make it easier for the board of directors and chief executive (Scot Gardiner) to collaborate with this much broader constituency. Also, if established, it would become a focal point for fundraising and club initiatives, all of which would find much favour with the board and the new investors.
“DFCSS/DSA/DBBT cannot just sit back and hope investment will just keep turning up every five years. For this to happen, conflict needs to be reconciled and egos to quote Bob Gelfdof during Live Aid ‘left at the door’.”
As for how the whole Keyes issue has been dealt with, Souter claimed things could have been handled much better.
“Firstly, I will say I am in favour of both accepting investment and also broadening the shareholding base of the club,” he said. “However, the speed this offer was made at and the apparent lack of due diligence to be allowed before a decision had to be made was a major negative.
“Surely the consortium, and especially Steve Martin and Bill Colvin, were aware that DFCSS had to consult its membership and it would take three to four weeks to do this; DFC Ltd had to hold a special shareholders meeting (with 28 days’ notice); and that the SFA had introduced new ‘fit and suitable’ rules for all major investors/directors. “Also, as a DFC shareholder, I would like to know when we all get sight of the proposal we have to agree on before increasing the issued share capital of the club.
“Now why could all this not have been synchronised effectively?
“To my mind a very good proposal was nearly refused due to the consortium failing to get all its ducks in a row, albeit they either believed they had or would do shortly thereafter.
“Going forward, DFCSS and one hopes it is the expanded option has to introduce into its modus operandi the ability, process and willingness to make decisions in principle and timeously without needing to consult the membership, who are then balloted accordingly.”
Souter, who has marketing and property interests in Dundee and Glasgow, was asked if the society’s directors on the board, Kidd (who has just tendered his resignation), Forbes and MacDonald, have had unfair criticism.
He replied: “Yes, but this came initially from the consortium who had become so single-minded in their objective to secure immediate funding for the team that they probably underplayed the due diligence and process required.
“DFCSS was not geared up to respond, which it now accepts, therefore a lot of half-truths, rumours and completely wrong information were then the currency of the day.
“Since the society’s statement of June 2 and the parallel collaborative dialogue between the relevant stakeholders, however, the feeding frenzy appears to have receded.”
As a businessman, did he feel all proper and legal measures were or are being taken?
“Now they are and being frank they probably were part of the consortium’s planning process,” he said. “However, the crucial issue was, given the club’s hugely chequered ownership/financial history, anything other than a fully disclosed proposal with financial projections was going to be met with strong scepticism.
“Therefore, momentum was lost and goodwill was allowed to atrophy and we then all had to start again.
“It has not been as clean, clear and season ticket sales-generating as it could have been.”
Souter admitted to being unclear as to how the Keyes group plan to make good on their investment in a Scottish game sprinkled with successful owners from abroad.
“I am confused with this but I’m also confused about who is investing what and in what timescale and where is it going, although I’m more than sure the clarity will be forthcoming on this,” he said. “The future ownership of the ground (owned by John Bennett) will be a very hot topic shortly I’m sure.”