10000Hours Bid Fails
The supporters backed bid to take control of the majority shareholding in the football club was rejected by the selling consortium on Monday who released the following statement;
After numerous proposals the Consortium of majority shareholders in St Mirren Football Club Limited (SMFC) has decided that in the best interests of SMFC they are unable to accept the final offer from the 10000 Hours group.
The longer this went on and with the numerous changes that were made to the proposals it appeared that most of the 10000 Hours’ major backers seemed to be having doubts about the concept. It became clear that it appeared to be becoming more difficult for the 10000 Hours Board to come up with an appropriate offer which would have given confidence to the selling Consortium that their proposals were sustainable.
The Consortium have always stressed and continue to stress that they will do their utmost to make sure that it is the right people who buy their shares in SMFC.
There has been press speculation with regard to other parties’ interest in the shares and at this point the Consortium would like to clarify that they have spoken to many different parties, but up until now none has come up with an appropriate offer which satisfies the Consortium’s criteria.
The Consortium’s shares will continue to be available to the right person but until that happens they will continue to work with the rest of the Board in the best interests of SMFC.
The longer this went on and with the numerous changes that were made to the proposals it appeared that most of the 10000 Hours’ major backers seemed to be having doubts about the concept. It became clear that it appeared to be becoming more difficult for the 10000 Hours Board to come up with an appropriate offer which would have given confidence to the selling Consortium that their proposals were sustainable.
The Consortium have always stressed and continue to stress that they will do their utmost to make sure that it is the right people who buy their shares in SMFC.
There has been press speculation with regard to other parties’ interest in the shares and at this point the Consortium would like to clarify that they have spoken to many different parties, but up until now none has come up with an appropriate offer which satisfies the Consortium’s criteria.
The Consortium’s shares will continue to be available to the right person but until that happens they will continue to work with the rest of the Board in the best interests of SMFC.
10000Hours themselves have today released a statement confirming their withdrawal from the bidding process;
On behalf of the 1000+ members of 10000hours we would like to express our disappointment that we have been unable to conclude the deal to purchase the majority shareholding in St Mirren Football Club for its fans.
We made the very best sustainable and deliverable offer we could, based on the substantial backing we received from our members.
That offer was for £1.25 million, to be paid over a 3 year period.
We would like to make it clear that none of our major backers had any doubts about the concept.
While it is now time to end our bid for the controlling interest in our football club, our formal offer remains open indefinitely should the selling consortium have a change of heart.
We will however now move to cancel all members Direct Debit mandates and this will be completed over the next few days. This will happen automatically although any member may of course login to the GoCardless.com website in the meantime and cancel their individual mandate if they wish.
We wish the club every success both on and off the park and again would like to thank everyone who backed the bid for their tremendous support.
Comments
(bordering on the ridiculous )In summing up do not listen to liquadation scaremongering after all it did not come to fruition like gilmour predicted so in essence he should think about the support and not his pocket and nake signings relevant to a premiere league club..
They started with an offer for £2 million and then went down to £1.25 over 3 years........... would you accept such a deal ?
RA and his pals were always chancers and I do not blame the selling consortium for saying "No thank you and good bye".
Regarding the transfer business............. We really have been very poor in this,especially when we lose players to teams who are no better than us, but I am happy with the few players that have been brought in...... maybe it is "Quality before Quantity!"
And on to Saturday............ a great chance to get the 3 points but we must not expect to be presented with them. We need "an Andy Murray" effort and will to win.
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