div Posted June 22, 2012 Report Share Posted June 22, 2012 http://www.10000hours.org/news/175-joint-statement-from-10000hours-cic-and-the-selling-consortium-of-smfc- Representatives of the 10000hours CIC met with the selling consortium yesterday afternoon and presented an offer to purchase the majority shareholding in St.Mirren Football Club. The bid which was tabled is subject to certain conditions relating to the commercial revenues on which the club currently relies to enable it to compete in the SPL. This revenue is currently surrounded by uncertainty given events occuring elsewhere that are beyond the control of either the CIC or the selling consortium. After long and productive talks it was agreed by both parties that it was prudent to wait for clarity surrounding the commercial revenues of the SPL before committing to any potential deal. 10000hours therefore encourage all fans who have engaged thus far to remain positive and continue to raise awareness and support for the fan buyout of the majority shareholding. The selling consortium are pleased at the level of support the St.Mirren fans have given to the 10000Hours bid and acknowledge that a fans group that is now 1,000 members strong represents a very powerful voice within the football club. As such the Board of the football club has agreed that such a wide supporter base provides a useful conduit to consult in relation to the NewCo debate which is currently the cause of much concern amongst the St.Mirren support. It has therefore invited 10000Hours to gather opinion and comment from it's members with regards to the Newco proposals as they become clearer and to pass those thoughts formally onto the Board. Quote Link to comment Share on other sites More sharing options...
buddienixon Posted June 22, 2012 Report Share Posted June 22, 2012 The NewCo should not be given St Mirren's backing. Quote Link to comment Share on other sites More sharing options...
David Mc Posted June 22, 2012 Report Share Posted June 22, 2012 Div 10000hours therefore encourage all fans who have engaged thus far to remain positive and continue to raise awareness and support for the fan buyout of the majority shareholding. What are 10000 hours aiming to do to drive membership up? Alongside this is if the upfront payment is an issue is there any movement on a small groups of £10 members clubbing together to pay the £3K instead? Cheers Quote Link to comment Share on other sites More sharing options...
ktf Posted June 22, 2012 Report Share Posted June 22, 2012 Just got the email. Interesting indeed! It would seem that the bid was acceptable to the consortium but given all that is going on with Sevco, both parties feel committing just now without knowing what money will be in the SPL next season is unwise. Either that or a committment can't be reached on 10000 Hours side due to BII conditions of loan. If have thought if that was the case, their bid would be discarded and another accepted. All-in-all a positive statement and it sounds like the CiC should be good to go when all the Sevco/Club 12 stuff is ironed out. Very good news about fan consultation re NewCo. It did stop short of saying the BoD would take direction from the fans but they would be very foolish to seek their opinion and then go against it - especially if SG and the likes want thier legacy to be a good one. Quote Link to comment Share on other sites More sharing options...
stuart_dickson Posted June 22, 2012 Report Share Posted June 22, 2012 NOTONEWCO Quote Link to comment Share on other sites More sharing options...
civilsaint Posted June 22, 2012 Report Share Posted June 22, 2012 #notonewco. As some one pointed out on the other thread, the funding package has to anticipate the worst case scenario in sporting terms (ie, relegation in 10 months time). A reduction in TV money is no as extreme as relegation so should be academic. I think 10000 hours is in a decent position to renegotiate the terms with Bii. They can evidence the huge support of the St Mirren fan base as well as the general consensus in Scottish football regarding the NewCo. Scottish football will prosper without Sevco and Bii have to be made aware of this. Any good lobbyists on board? Quote Link to comment Share on other sites More sharing options...
Eddy Posted June 22, 2012 Report Share Posted June 22, 2012 I'm not sure how to interpret the statement - it didn't give me the impression we were having trouble with the Bii loan - it made me think that SG has stressed that we need to make sure that the football side is self financing so that the loan can be paid off and until we can confirm the income streams then it's better to hold off. I'd assume that the CIC have already planned future income of some sort, including the possibility of relegation, so I'm not sure it's as big a deal as all that - at the end of the day this is a loss that everyone will be suffering together, so we cut our cloth to suit. It's still a NO to NEWCO for me. This is a time for all fans of the 'diddy clubs' to band together and show they can support each other and get through this. Quote Link to comment Share on other sites More sharing options...
ktf Posted June 22, 2012 Report Share Posted June 22, 2012 Div 10000hours therefore encourage all fans who have engaged thus far to remain positive and continue to raise awareness and support for the fan buyout of the majority shareholding. What are 10000 hours aiming to do to drive membership up? Alongside this is if the upfront payment is an issue is there any movement on a small groups of £10 members clubbing together to pay the £3K instead? Cheers These are good questions bud and definitely need to be explored. However, I get the impression that the initial payments aren't so much of an issue, or indeed any other aspect of the bid. I get the feeling the bid has basically been accepted. Rather the reason for putting off a decision is simply to do with the ongoing instability in the SPL financial situation due to Sevco and once this is clearer, the deal will likely be done. Transition and change is insecure enough without attempting to do it during a time of wider instability. Better a safe pair of hands now and a hand-over when the waters are calmer. Quote Link to comment Share on other sites More sharing options...
buddienixon Posted June 22, 2012 Report Share Posted June 22, 2012 The Saint Mirren fan's opinion is well documented. The vast majority, 97% of over 300 polled, have voted to say that they do not wish for St Mirren to vote in favour of any NewCo admission to the SPL. Statements from Dundee United, Hearts and Aberdeen have shown the likely result of the vote on 4th July. I think we can expect further statements today from other member clubs. From St Mirren's point of view, by the end of today our vote may not be required in order for a decision to made. If we want to show our hand then we should do so while it still matters. St Mirren fans want the club to be a leader, not a follower. If we do not make an announcement today the the club will be regarded as weak willed. I would therefore encourage the board to make their statement today, there is no need for consultation of fans at this stage, our opinion is already known to you. Quote Link to comment Share on other sites More sharing options...
Thorizaar Posted June 22, 2012 Report Share Posted June 22, 2012 I'm reading this as a newco voted out and resulting in a drop in income will mean the takeover won't happen. The bid is dependent on current income being maintained. Quote Link to comment Share on other sites More sharing options...
David Mc Posted June 22, 2012 Report Share Posted June 22, 2012 Hope so. I really don't know one way or another. What I do feel is that right now is a great time to garner publicity to get even more people on board before it goes through. Quote Link to comment Share on other sites More sharing options...
Eddy Posted June 22, 2012 Report Share Posted June 22, 2012 I'm reading this as a newco voted out and resulting in a drop in income will mean the takeover won't happen. The bid is dependent on current income being maintained. I can't believe that the CIC have not planned ahead for a few scenarios, including one of possible income loss dur to relegation. Quote Link to comment Share on other sites More sharing options...
David Mc Posted June 22, 2012 Report Share Posted June 22, 2012 That should be hope not! Quote Link to comment Share on other sites More sharing options...
civilsaint Posted June 22, 2012 Report Share Posted June 22, 2012 I'm reading this as a newco voted out and resulting in a drop in income will mean the takeover won't happen. The bid is dependent on current income being maintained. As much as I've got a lot of time for all the guys involved and appreciate the work done, that scenario is an absolute showstopper for me. There is no compromise to be made. Quote Link to comment Share on other sites More sharing options...
kenbud Posted June 22, 2012 Report Share Posted June 22, 2012 I am really not sure how to read this statement... are we "10,000" hours trying to reduce the price because the SPL revenue cannot be gaurenteed at current levels due to the possibility that Rangers wont be playing in the SPL next season. The footballing income dosnt have an impact on our loan repayments ect so i dont understand why this should have an effect on our bid. Unless we are trying to lower the price based on this argument. The NewCo debate in the FAQ for 10,000 stated that the club board would disclose the facts to the membership, at the moment i say noto newco but tell me the facts so i can make an informed decision. Quote Link to comment Share on other sites More sharing options...
WeeBud Posted June 22, 2012 Report Share Posted June 22, 2012 (edited) Div or 10000hours, Is there any indication on how they are going to gather opinion? Is it going to be a gut feel on comments people make or are they going to e-mail CiC membership with some sort of yes/no/don't know response mechanism? Edited June 22, 2012 by WeeBud Quote Link to comment Share on other sites More sharing options...
chico Posted June 22, 2012 Report Share Posted June 22, 2012 #NotoNewco. Let's see how we can help make it work. Needs a lot of information from the club and our bidding group. Are there institutions in paisley that should be hounded into contributing that aren't already joined? Quote Link to comment Share on other sites More sharing options...
Maboza Posted June 22, 2012 Report Share Posted June 22, 2012 I am really not sure how to read this statement... are we "10,000" hours trying to reduce the price because the SPL revenue cannot be gaurenteed at current levels due to the possibility that Rangers wont be playing in the SPL next season. The footballing income dosnt have an impact on our loan repayments ect so i dont understand why this should have an effect on our bid. Unless we are trying to lower the price based on this argument. The NewCo debate in the FAQ for 10,000 stated that the club board would disclose the facts to the membership, at the moment i say noto newco but tell me the facts so i can make an informed decision. As mentioned on another thread. 10000 hours isn't setup to put money into the football club in the short term. So if we're no longer in a position to be able to run as a break-even business - they can't bail us out. Quote Link to comment Share on other sites More sharing options...
Gordon Posted June 22, 2012 Report Share Posted June 22, 2012 No to Newco Quote Link to comment Share on other sites More sharing options...
Julian Banjos Posted June 22, 2012 Report Share Posted June 22, 2012 (edited) First of all, regardless of how St Mirren vote, Newco are not going to be in the SPL next season. I think that's pretty clear. Motherwell and Hibs will join Aberdeen, Hearts and Dundee Utd in saying 'no'. Following on from that, what do Sky do? They've got 2 seasons left on their SPL deal. Is there any evidence that this deal is dependent upon 4 Glasgow derbies? Could they rip up the contract before the start of the season? You would think the SPL boards, including the selling consortium would have that information. Maybe not. Very hard to interpret that release this morning but.... joint statement from SMFC and bidder, SMFC using bidder to canvas the opinion of fans. That seems positive to me. Edited June 22, 2012 by Julian Banjos Quote Link to comment Share on other sites More sharing options...
Isle Of Bute Saint Posted June 22, 2012 Report Share Posted June 22, 2012 It’s encouraging to know the club wants to know the fans opinion on a NEWCO. Maybe I am reading the statement wrongly in which case I will be more than happy if someone points out I’m wrong. Between the lines to me it looks as though we need the NEWCO to remain in the SPL. That sounds contradictory to what I have wrote in my first sentence but it’s what sticks out when reading the whole statement. We need the Tv cash so upon an official sky statement we can’t say one way or another whether the bid will be accepted. So during the loan period we are at the mercy of a TV channel ? If I was a bank manager and knew that I would say thanks but no thanks Not impressed with the statement it’s sitting on the fence scared to jump into ether side in case it upsets the fans which I see more and more from 10,000 hours which I am getting a bad taste Quote Link to comment Share on other sites More sharing options...
Bud the Baker Posted June 22, 2012 Report Share Posted June 22, 2012 I thought the club & CIC finances were to be seperate - I suppose the risk is both being in serious debt at the same time if (and I presume we are) we are committed to contracts that depend on existing TV deals. The consortium want out and may not be willing if indeed they are able to fund any shortfall that might occur with Newco out of the SPL - but as others have mentioned the CIC could well be in a stronger position as regards to the selling price with Newco out of the SPL. I still reckon there are twists and turns to come in the Newco saga the only thing I am sure of is that if the CIC members are polled that the vast majority would vote against a compromise that let Newco back in the SPL. Quote Link to comment Share on other sites More sharing options...
slapsalmon Posted June 22, 2012 Report Share Posted June 22, 2012 It sounded to me like what thorizaar said above. Would be interesting to see the full conditions from bii. I may be cynical but it does sound like if newco don't get in the conditions won't be met. Quote Link to comment Share on other sites More sharing options...
steve_the_saint Posted June 22, 2012 Report Share Posted June 22, 2012 (edited) I'm reading this as a newco voted out and resulting in a drop in income will mean the takeover won't happen. The bid is dependent on current income being maintained. I agree that the bid seems to be dependant on the current income being maintained as much as possible. But if club 12 aren't in the spl next season, there are still possibilities in terms of the sky deal and other sponsorship. People seem to be of the assumption that without rangers, there will be no tv money and therefore meaningful sponsorship AT ALL. This won't be the case, there will be a tv deal of some sort - I can see sky negotiating their deal to reduce it to 75% for example. This won't affect overall sponsorship as wel be on tv as much as we are now. So there may still be a sliding scale of what reduction in income BII are willing to accept, bearing in mind, the way things are looking it'll only be for a year if club 12 are playing in div 1 next year. Edited June 22, 2012 by steve_the_saint Quote Link to comment Share on other sites More sharing options...
Colin M Posted June 22, 2012 Report Share Posted June 22, 2012 The bid SHOULD be dependent on the current level of income being maintained. If the business is worth significantly less in income, then why shouldn't the price be lower? Quote Link to comment Share on other sites More sharing options...
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