ATHLETIC'S board of directors said they were taken by surprise by decision of the club's German investment group to sell their shares.

In a dramatic announcement yesterday afternoon, DAFC Fussball GmbH, who first became involved at KDM Group East End Park in 2020, said that they would be putting their stake in the Pars up for sale.

The Hamburg-based group said that it was "sadness and regret" that they were seeking to pull out of Athletic, and that "recent events at the club have greatly contributed to this decision being made now".

Their announcement has come as a shock to their Scottish board members - chairman and CEO, David Cook, vice-chairman, Billy Braisby, Drew Main, who is also the PST (Pars Supporters Trust) chair, and Ian Laing - who have, this evening, released a statement of their own.

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They said that the decision was not something they were expecting or had planned for, and that they were disappointed by it.

READ MORE: Shock move as major investment group pulls out of Pars

However, the Pars board - who were quick to point out that yesterday's statement was prepared and released by DAFC Fussball GmbH, and is the thoughts of sporting director, Thomas Meggle, Nick Teller, and Friedrich Lass-Hennemann - said they respected their decision.

"DAFC’s locally based directors want to provide a short update to Pars fans following yesterday’s announcement by DAFC Fussball GmbH," a statement released this evening by Cook, Braisby, Main Laing said.

"First of all, this was not something that we were expecting or had planned for.

"Whilst disappointed, we respect their decision and will work with DAFC Fussball GmbH for the best outcome for the club and investor. In the meantime it remains business as usual."

In their statement, DAFC Fussball GmbH suggested that some supporters "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", amidst frustration from the fans over a lack of signings.

READ MORE: Pars investors to sell shares: DAFC Fussball GmbH's statement in full

So far, just three players - Chris Kane, Kieran Ngwenya and David Wotherspoon - have arrived since the end of last season, with seven having departed, whilst Deniz Mehmet is the club's only signed senior goalkeeper.

The investment group, however, acknowledged the issue of squad depth by stating that, following a board meeting on Monday, "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".

That has been welcomed by the Pars board, who continued: "We have all sensed the supporter frustration, magnified by a slow start to the campaign.

"We do believe the sporting situation will improve and the opportunity to bring some further reinforcements in will assist with this.

"All directors remain fully committed and, like you, we all want to build a prosperous and successful club on, and off, the pitch.

"There is a lot of detail still to be worked through, but we will ensure that relevant updates will be provided at the appropriate moments."

It is also understood that further communications from the Dunfermline club board are likely to be made next week.