The community consortium bidding to secure the future of Raith Rovers has taken another step forward with the formation of New Raith Rovers Ltd. New Raith Rovers is the legal vehicle into which the bid’s backers will invest. The intention is that when the deal is concluded the new company will control the football club and will part own Stark’s Park with one of the investors.
“Reclaim the Rovers” spokesperson James Proctor explained that the formation of the new company was one of an important series of low key actions on the way to a successful conclusion of the bid.
“At the moment it must seem to the ordinary fan that nothing is happening. But that could not be further from the truth.
“Translating the intentions of the consortium into a proper legal form is a complicated business, partly because of the number of investors and partly due to the need to ensure that we satisfy all the legal requirements involved in this sort of transaction
“It is important that everything is done in the correct manner but the consequence of that is that it takes a bit longer than we would like. However everyone involved is doing their best to conclude a deal as quickly as possible and the formation of New Raith Rovers is another indication that things are moving in the right direction.”