The German investors at Dunfermline Athletic are putting their stake in the club up for sale.
DAFC Fussball GmbH announced the news last night on the club's website.
They first became involved at the Pars in 2020 and have a 75% stake.
The consortium say it is with sadness and regret they are planning to depart, adding recent events have contributed to their decision being made at this time.
Fans have expressed their concern in recent weeks over what could be seen as a lack of investment in the first team.
Only three signings have been made so far this summer - Chris Kane, David Wotherspoon and Kieran Ngwenya.
Part of Fussball GmbH's lengthy statement says: "We have felt for a while now, probably since the middle of last season, that long term planning and putting in place the building blocks for future success is not what many are looking for. Many seem to prefer an investor who has deep pockets to throw at the first team and try for the best over and over again each season.
"We said from the start that we are not this kind of investor and therefore have detected an increasing disappointment in our approach. Perhaps, therefore, we are not the right kind of investor in the eyes of many at the club."
It adds: "Over the coming weeks we and the other directors of the club shall be having discussions on the sale of our stake with some of the many parties who have approached us already over the past years and, of course, in coordination with PUCIC who are, as of now, still the majority owners of your club. We have every reason to believe that there will be no shortage of interest in the club.
"In the meantime, of course all of us on the board have recognised that the current squad needs to be strengthened in several areas for reasons of both quality and depth. We are more than aware of this.
"At a board meeting held on Monday 12 August, resources have been made available to the management team to make sensible additions both by way of signings and by way of the now gradually active loan market. We will continue to work hard with the rest of the board and the management team to make sure we do well this season.
"To finish let us reiterate again that we have made many new friends here in Dunfermline, many have welcomed us and appreciated the effort we have made and we sincerely hope to continue these friendships into the future. There are absolutely no “sour grapes” or similar in our decision to sell our stake in the club. Perhaps it is just the realisation that the realities of Scottish football are as they are and that we may not be the right investment group for your club."
It's understood the Scottish-based directors are stunned by the decision and its timing, but want to make sure it's business as usual.
They did not see it coming – or have any prior warning that it might happen.
The search for new investors or owners will now take place - with official communications from the board likely to come next week.
You can read DAFC Fussball GmbH's statement in full on Dunfermline Athletic's website.
10°C
10°C
9°C