COWDENBEATH’S new way ahead is firmly on course to take place, following Tuesday’s supporters meeting.

More than 50 fans took part in the meeting to look at creating a Supporters Trust and enthusiasm was high that it was the right move.

The meeting heard from club chairman, Donald Findlay, and finance director, David Allan, about the plan's background.

Both stressed that the traditional way of funding the club was no longer a viable project.

David Allan told the meeting: “In League Two each season, the club would earn between £50,000 and £80,000 in prize money, depending on the final league position, but this volume of money is not available in the Lowland League.

“Also, over the past few years, the club has seen income flow in general get tighter and tighter, and rely on directors to meet certain bills, and playing in the Lowland League has seen visiting fan numbers dwindle massively.

“So we have basically reached a stage where we have to look a new way ahead to try to increase the income flows, to give the club the chance to compete to get out of the Lowland League, where we are playing against some clubs who are basically being given significant sums by sponsors, which allows them to encourage players to join them.

“We see, as a key way of finding a more solid way of getting income, is forming a Supporters Trust, a mechanism which has allowed clubs such as Hearts and Dunfermline Athletic, who hit difficult financial times, get on a more solid footing."

After hearing about how a Supporters Trust could assist in the running of the club, there was huge backing for the idea.

Mr Allan told the Times: “At a shareholders’ meeting earlier this month there was unanimous backing for going down the Supporters Trust course, and the story was virtually the same on Tuesday.

“We will now be forming a working group which will work with the Supporters Direct organisation in Scotland, to create a Cowdenbeath Supporters Trust in the close season, which will aid in the planning for the 2023-24 season.

“Everyone agreed that the opportunity was there to move ahead on a positive footing, to see a new structure develop to take Cowdenbeath FC forward.”

Mr Findlay said that losing its place in the SPFL, last May, was a big blow to the running of Cowdenbeath FC, with income streams becoming limited in the Lowland League.

A new way ahead had to be found and the club’s directors had discovered that a Supporters Trust formula, which had worked well at fellow Fife club, Dunfermline Athletic, was a possible way ahead.

Mr Findlay's statement on the matter had read: “As majority shareholder, I will make available a tranche of shares which I will transfer to a new entity which will be established, namely a Supporters Trust.

"I intend that this will be significant and will amount to 20 per cent of the total shareholding.

"Over time it is hoped that this will become the vehicle to secure the ownership succession of the club, with future tranches of shares potentially being transferred to the Trust, based on agreed triggers and timings.

“In time the Trust could then potentially become the majority shareholder - a situation that prevails currently at seven SPFL clubs.

"The Trust will have its own structures and procedures, and will be independent of the club.

"I would also intend that the Trust should nominate two of its number to serve as directors of the Club.

“On April 3, at Central Park, this proposal was put to the shareholders of Cowdenbeath FC, and those present were unanimous in their support for this way forward.

"Contact has already been initiated with Supporters Direct, the organisation which assists in the setting up of Supporters Trusts in Scotland.”