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Important Update From 10000Hours

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Please explain why they would need to get this back from the club if they had the cash to purchase the shares.

They Would be buying shares with the cash. The club wouldn't owe them anything as they haven't lent the club any money. When they decide they want to try get their £2m back they would put the shares up for sale, just like the selling consortium have done.

And wait 2 yrs or a life time!....get real Davidg

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And wait 2 yrs or a life time!....get real Davidg

That was my earlier point.

If it's not the CIC then it may be nobody, that's not my problem. That's the concern of the selling consortium.

I'm not going to rush out and support the CIC just because there isn't an alternative buyer out there.

Edited by davidg

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Why would Michelle Evans need to come up with an alternative?

People who don't want our club to go down the CIC route don't need to come up with alternative solutions.

The 52% is for sale, if the CIC doesn't go through the shares will remain up for sale.

There's nothing wrong with not joining the CIC.

Never said there was anything wrong from not joining the CIC. Far from it. Each to their own.

What hacked me off with the likes of Evans was constant heckling and thinly veiled digs on Real Radio etc, yet they haven't came up with anything credible as an alternative. If you are going to be vociferous about your opposition to this, then let's see some cards on the table about what they think is the way forward.

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That was my earlier point.

If it's not the CIC then it may be nobody, that's not my problem. That's the concern of the selling consortium.

The actual sale and the transaction of money might not be your problem, but every single St.Mirren supporter should be concerned about the sale of the club and who it is handed over to.

The reason I supported the original CIC proposal so strongly is because it put the St.Mirren supporters in control of the club whilst locking the major asset (the stadium) away safely in a vault where it couldn't ever be sold without the express approval of the CIC, ie: the St.Mirren supporters.

Although it happened in different circumstances you will note that the Chelsea fans did this with Stamford Bridge many years ago and now that foresight is reaping rewards as they have effectively vetoed the wish of Abramovich to sell the Bridge and relocate. Despite having all the money in the world he can't have his way, as the fans own the ground and don't want to move.

Although the engagement with the community was appealing to me and made sense, it was putting the supporters in control of the whole club that was the big selling point to me.

I am not against private individuals taking ownership, if the likes of Gordon had succeeded in buying the club I'd have been delighted but as I have alluded to above I don't want to see someone come in and buy the club by using the stadium as security for their debt.

We cannot control who SG et al sell to though, so we have to hope that they do the right thing !

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The main problem with the sale of the club, whether to the CIC or to anyone else, would appear to be the price that the selling consortium are looking for.

In the current climate I can't see any private individual or consortium of individuals sinking £2m into a club like St.Mirren without incurring some sort of debt.

If that debt is secured against the football club, then I certainly wouldn't be very happy about it and I doubt I'd be alone in that thinking.

You me or anyone else could buy St Mirren for £2million and make some good money. We would sell any player of value in January.....McLean, McGowan, Carey....maybe £300.000. Don't pay the tax man. Cut the playing budjet by £500.000 ...If you get a wee cup run pocket the money. Don't pay any creditors for months. Don't pay the players and staff. If we can do that for long enough and state the club still owes us £2million when it goes into administration then we're quids in.

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You me or anyone else could buy St Mirren for £2million and make some good money. We would sell any player of value in January.....McLean, McGowan, Carey....maybe £300.000. Don't pay the tax man. Cut the playing budjet by £500.000 ...If you get a wee cup run pocket the money. Don't pay any creditors for months. Don't pay the players and staff. If we can do that for long enough and state the club still owes us £2million when it goes into administration then we're quids in.

And is that what Ken McGeoch (who's been on the board for over 10 years) plans to do?

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And is that what Ken McGeoch (who's been on the board for over 10 years) plans to do?

I don't know Ken at all but by all accounts he is a good Saints man and as you say he knows the club inside out.

It's difficult to comment on the merits or not of his bid for the club as other than a couple of newspaper stories about it there has really been zero information about who is involved or what the plans are.

I totally appreciate that these are commercially sensitive deals so perhaps they just haven't reached the point where they are ready to go public, so perhaps in light of the statement by 10000Hours we will see a follow on statement from the club and the selling consortium about who else they are talking to and what happens now as far as they are concerned.

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And is that what Ken McGeoch (who's been on the board for over 10 years) plans to do?

no.....but it will be a half baked pishy proposal that he never thought of 2 yrs ago...... and now seeing the support of the CIC (800) he will think he can tap into this support. .......while failing

Edited by reborn saint

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I don't know Ken at all but by all accounts he is a good Saints man and as you say he knows the club inside out.

It's difficult to comment on the merits or not of his bid for the club as other than a couple of newspaper stories about it there has really been zero information about who is involved or what the plans are.

I totally appreciate that these are commercially sensitive deals so perhaps they just haven't reached the point where they are ready to go public, so perhaps in light of the statement by 10000Hours we will see a follow on statement from the club and the selling consortium about who else they are talking to and what happens now as far as they are concerned.

I don't think you have to be mastermind to see where you are coming from Div.......and I'm with you 100%

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no.....but it will be a half baked pishy proposal that he never thought of for 2 yrs ago...... and now seeing the support of the CIC (800) he will think he can tap into this support. .......while failing

Or, as expected, the CIC is struggling to get over the final hurdle and he and the other members of his consortium see an opportunity to move in with a more realistic offer in terms of share value....?

If the CIC fails to land the deal I can't see anyone buying the 52% for £2m.

Edited by davidg

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I don't know Ken at all but by all accounts he is a good Saints man and as you say he knows the club inside out.

It's difficult to comment on the merits or not of his bid for the club as other than a couple of newspaper stories about it there has really been zero information about who is involved or what the plans are.

I totally appreciate that these are commercially sensitive deals so perhaps they just haven't reached the point where they are ready to go public, so perhaps in light of the statement by 10000Hours we will see a follow on statement from the club and the selling consortium about who else they are talking to and what happens now as far as they are concerned.

That's fair and measured comment Div, something Reborn Saint could learn from.

Personally I just can't see someone who's been on the BoD for over a decade wanting to indulge in an asset strip job when the clubs primary asset for those 10 years (Love Street) is long gone.

I can understand the frustration of those who supported 10000 Hours at the project falling short, but this is a fluid situation we are in right now.

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Or, as expected, the CIC is struggling to get over the final hurdle and he and the other members if his consortium see an opportunity to move in with a more realistic offer in terms of share value....?

If the CIC fails to land the deal I can't see anyone buying the 52% for £2m.

You make a good point about the value of the club. The CIC went in on the asking price and built their model around that. Now this has failed the price will have to take a tumble if SG wants to sell. I still think he can sell for more but only if he wants to become another Reg. I think the value for an ongoing sale will be around £1.2million and I hope the new cic can meet that in preference to any half baked nonsense from current or ex directors who have had 2 yrs to bid. And Ken McGeoch £800,000 origional bid is woefully short.

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That's fair and measured comment Div, something Reborn Saint could learn from.

Personally I just can't see someone who's been on the BoD for over a decade wanting to indulge in an asset strip job when the clubs primary asset for those 10 years (Love Street) is long gone.

I can understand the frustration of those who supported 10000 Hours at the project falling short, but this is a fluid situation we are in right now.

Wake up Scott!....I have already said no to your question of would Ken McGeoch do this............It's not him I'm talking about !

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You make a good point about the value of the club. The CIC went in on the asking price and built their model around that. Now this has failed the price will have to take a tumble if SG wants to sell. I still think he can sell for more but only if he wants to become another Reg. I think the value for an ongoing sale will be around £1.2million and I hope the new cic can meet that in preference to any half baked nonsense from current or ex directors who have had 2 yrs to bid. And Ken McGeoch £800,000 origional bid is woefully short.

Agreed.

I think everyone will agree that a CIC update was long overdue and it's good we have some sort of update now.

Whatever happens, CIC, McGeoch or SG & co staying on, I hope it turns out to be the best outcome for the club.

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Agreed.

I think everyone will agree that a CIC update was long overdue and it's good we have some sort of update now.

Whatever happens, CIC, McGeoch or SG & co staying on, I hope it turns out to be the best outcome for the club.

I hope we all get the best deal for the club.......and I guess a red dot coming as in all of my other posts.....lol this is a great adult site......Lochwinoch saint save mebiggrin.png

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During the CIC process which failed at the final hurdle (whatever that proves to have been), a comment I heard from more than one person who's opinion I respect is that they would have had no problem with St Mirren itself becoming a CIC, but their big problem was with St Mirren being controlled by a CIC. Perhaps now that the 10000hours controlling CIC plan has failed to launch, we might be looking at a fresh situation where the community involvement objectives of a CIC can still be achieved at St Mirren, but under the umbrella of a more easily understandable widespread ownership scheme. Perhaps Richard Atkinson's new plan will be along these lines. At the very, very least - he deserves a chance to explain the reason the CIC fell at the final hurdle, and for his 'Plan B' to be given a fair hearing.

If Ken McGeoch has a plan of his own, or if he is merely the St Mirren friendly face fronting a bid for others - we need to hear about it. In an earlier post Div said that the 'McGeoch bid' might not be ready to go public, and would likely be of a sensitive and confidential business nature. Having heard next to nothing about any 'McGeoch bid' - the only thing I have heard is that it could involve the club being owned by supporters within five years. In that case, as supporters, we should be told how he plans for that to happen, without divulging sensitive confidential details.... Just a brief framework would do for starters, what's the basic premise with the 'McGeoch bid' and as supporters, where do we come into it.

Edited by pozbaird

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Poz good post.

For me the only route for supporters is getting those that would complete the direct debit into SMiSA.

Let's have a credible broad based supporters group that can buy shares in the club and have a decent percentage ownership of the club to protect the fans interests.

The CiC was interesting, let's see if the interest in it can be rerouted into something sustainable.

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Poz good post.

For me the only route for supporters is getting those that would complete the direct debit into SMiSA.

Let's have a credible broad based supporters group that can buy shares in the club and have a decent percentage ownership of the club to protect the fans interests.

The CiC was interesting, let's see if the interest in it can be rerouted into something sustainable.

Well I for one wouldn't be in the slightest bit interested in completing a direct debit for SMiSA. I'm not knocking what the guys there do, or suggesting their heart isn't in the right place regarding St Mirren FC, but when I completed my direct debit for 10000hours I was becoming a member of something that was much larger than a football ownership club.

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Well I for one wouldn't be in the slightest bit interested in completing a direct debit for SMiSA. I'm not knocking what the guys there do, or suggesting their heart isn't in the right place regarding St Mirren FC, but when I completed my direct debit for 10000hours I was becoming a member of something that was much larger than a football ownership club.

Why don't you bugger off and give us all peace then?bye1.gif

Edited by scottd

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I agree with this, I wouldn't want any debt secured against the club.

Why are so many people getting excited about a potential bidder securing debt against the club? In order to secure debt from any reputable and regulated lender the club would either have to have a turnover that makes repayment a reasonable proposition or it would have to have assets that are equal to a significant percentage of the sum loaned. Saint Mirren Football Club has neither and the securing of debt against any asset or cash stream would be near on impossible to acheive.

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Wake up Scott!....I have already said no to your question of would Ken McGeoch do this............It's not him I'm talking about !

What an amazing statement, you spend days, if not weeks, posting inferences and implying that the proposed bid was going to saddle the club with debt and then try to throw out a smoke screen the moment anyone calls you out on the detail.

Proof positive of how many loonies have been virtually liberated from their cells by the internet.

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