kenbud Posted June 22, 2012 Report Share Posted June 22, 2012 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. So what happens if we get relegated this season surely thats a possible outcome, how would the CIC deal with this Quote Link to comment Share on other sites More sharing options...
St. Sid Posted June 22, 2012 Report Share Posted June 22, 2012 This is now a complete and utter shambles - time to pull the plug on it and gie the fans peace. Quote Link to comment Share on other sites More sharing options...
Maboza Posted June 22, 2012 Report Share Posted June 22, 2012 So what happens if we get relegated this season surely thats a possible outcome, how would the CIC deal with this By releasing players who's contracts had expired and presumably having had contract clauses for others still on the books regarding reduced terms if the club were relegated. Quote Link to comment Share on other sites More sharing options...
saint in exile Posted June 22, 2012 Report Share Posted June 22, 2012 This is now a complete and utter shambles - time to pull the plug on it and gie the fans peace. Oh shut up, you tit! Quote Link to comment Share on other sites More sharing options...
St. Sid Posted June 22, 2012 Report Share Posted June 22, 2012 Oh shut up, you tit! I'm not happy about it either saint in exile; however it is a complete total and utter f'k'n shambles. The plug should have been pulled after the first attempt. The idea was good initially, but there has been an abject failure to deliver it - other than the fans backing it. Rather than abusing fellow fans why not take a wee bit of time to consider the brutally obvious - they have failed to raise enough money, they have failed to get social funding backing, what little social involvement is now left - the £500K loan is dependent on scumgers staying in the SPL. Its a half arsed scheme and should be consigned to nice try but time to gies aw peace. Quote Link to comment Share on other sites More sharing options...
elvis Posted June 22, 2012 Report Share Posted June 22, 2012 Its turned into one big JOKE im with Sid on this bin it. Quote Link to comment Share on other sites More sharing options...
saint in exile Posted June 22, 2012 Report Share Posted June 22, 2012 I'm not happy about it either saint in exile; however it is a complete total and utter f'k'n shambles. The plug should have been pulled after the first attempt. The idea was good initially, but there has been an abject failure to deliver it - other than the fans backing it. Rather than abusing fellow fans why not take a wee bit of time to consider the brutally obvious - they have failed to raise enough money, they have failed to get social funding backing, what little social involvement is now left - the £500K loan is dependent on scumgers staying in the SPL. Its a half arsed scheme and should be consigned to nice try but time to gies aw peace. That's how you interpret it, but others don't see it that way. Personally, I agree with you that it's a good idea that's not been handled as well as it could have been. Had it been better approached, it might have been all done and dusted by now. I think the 'wait and see' element arising now is more likely to be associated with a sizeable number of DD 'funders' saying they'd pull their money if Newco get back in, rather than anything more sinister.. That would scupper the funding source totally. Quote Link to comment Share on other sites More sharing options...
saint in exile Posted June 22, 2012 Report Share Posted June 22, 2012 Its turned into one big JOKE im with Sid on this bin it. Why would you care? You don't support St Mirren! Quote Link to comment Share on other sites More sharing options...
div Posted June 22, 2012 Author Report Share Posted June 22, 2012 The problem we (10000hours) have is that we are buying a business at the end of the day. A business that takes over 60% of it's revenues from commercial SPL TV and Sponsorship deals. 10000Hours need some assurances about the future of these deals before we, or our funder, can commit to the deal. The selling consortium can't currently guarantee these deals will still be in place (nobody currently can) and they are similarly concerned about our ability as a fledgling organisation to deal with the nightmare scenario of those deals disappearing or being drastically reduced almost overnight. So it is prudent and sensible for both parties to wait until there is more clarity on exactly what the position is before proceeding on either side.. The size of the bid made is what we can afford to pay back and we have managed to monetise the additional £4k per month in direct debits we have received from individuals in order to make the up front bid as attractive as we possibly can. Be in absolutely no doubt, our deal is NOT dependent on NewCo being in the SPL, but our deal is very much dependent on St.Mirren FC being able to trade in the SPL as a going concern. The TV and sponsorship money the club takes from the SPL is a huge part of the clubs turnover whether you or I like it or not. If 60% of the clubs income was to disappear overnight, with a playing squad of 23 or so first team players all contracted to be paid this season based on that revenue being there then the club would be in serious trouble. The board want to gather the fans opinion on the NewCo vote but they also want to make absolutely sure that the fans are given all the necessary information to allow them to make an informed decision rather than a knee jerk one. None of this is negative in any way, it's just plain common sense. Quote Link to comment Share on other sites More sharing options...
elvis Posted June 22, 2012 Report Share Posted June 22, 2012 Why would you care? You don't support St Mirren! Shut you arse ive been following them for 40 years. Quote Link to comment Share on other sites More sharing options...
St. Sid Posted June 22, 2012 Report Share Posted June 22, 2012 That's how you interpret it, but others don't see it that way. Personally, I agree with you that it's a good idea that's not been handled as well as it could have been. Had it been better approached, it might have been all done and dusted by now. I think the 'wait and see' element arising now is more likely to be associated with a sizeable number of DD 'funders' saying they'd pull their money if Newco get back in, rather than anything more sinister.. That would scupper the funding source totally. Quite.....the statement is a f'k'n insult to fans - the lack of clarity is a disgrace considering 10000 Hours is currently holding a lot of fans money, with the possibility of taking on £1.5Million in debt. To leave fans with such a shit statement is reprehensible, but not entirely surprising. Transparency my f'k'n arse. Once again fans are left second guessing what the f"k is going on and it only leads to squabbles between supporters. SMFC and 10000 Hours need to tell us exactly what is going on. This is supposed to be a bright new dawn for supporters - guess what, we're paying for the f'k'n thing and still getting treated like mugs. Quote Link to comment Share on other sites More sharing options...
saint in exile Posted June 22, 2012 Report Share Posted June 22, 2012 Shut you arse ive been following them for 40 years. Maybe you could try showing that in some of your posts on match day! Quote Link to comment Share on other sites More sharing options...
elvis Posted June 22, 2012 Report Share Posted June 22, 2012 The problem we (10000hours) have is that we are buying a business at the end of the day. A business that takes over 60% of it's revenues from commercial SPL TV and Sponsorship deals. 10000Hours need some assurances about the future of these deals before we, or our funder, can commit to the deal. The selling consortium can't currently guarantee these deals will still be in place (nobody currently can) and they are similarly concerned about our ability as a fledgling organisation to deal with the nightmare scenario of those deals disappearing or being drastically reduced almost overnight. So it is prudent and sensible for both parties to wait until there is more clarity on exactly what the position is before proceeding on either side.. The size of the bid made is what we can afford to pay back and we have managed to monetise the additional £4k per month in direct debits we have received from individuals in order to make the up front bid as attractive as we possibly can. Be in absolutely no doubt, our deal is NOT dependent on NewCo being in the SPL, but our deal is very much dependent on St.Mirren FC being able to trade in the SPL as a going concern. The TV and sponsorship money the club takes from the SPL is a huge part of the clubs turnover whether you or I like it or not. If 60% of the clubs income was to disappear overnight, with a playing squad of 23 or so first team players all contracted to be paid this season based on that revenue being there then the club would be in serious trouble. The board want to gather the fans opinion on the NewCo vote but they also want to make absolutely sure that the fans are given all the necessary information to allow them to make an informed decision rather than a knee jerk one. None of this is negative in any way, it's just plain common sense. So why put a time scale on the deal in the first place they new what was going on and what the likly outcome is for Rangers. 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 The fans vote is sitting at 97.35% NO to NEWCO What’s to wait for come on board come out with a statement Quote Link to comment Share on other sites More sharing options...
kenbud Posted June 22, 2012 Report Share Posted June 22, 2012 I am not quite at the toys out the pram stage.... but there was a big push rightly or wrongly to imply that if the fans did there bit (raised the £7500 / month) then the deal should go through and we would get to vode on the newco issue. The statment today was a bit shit... and reads like many of the older 10000hours statments "we know we have to make a statments, but we dont have good news so we are going to bluff you with 5 or 6 paragraphs that dosn't really answer any questions but keep supporting us we really want to make this deal happen" Quote Link to comment Share on other sites More sharing options...
div Posted June 22, 2012 Author Report Share Posted June 22, 2012 I am not quite at the toys out the pram stage.... but there was a big push rightly or wrongly to imply that if the fans did there bit (raised the £7500 / month) then the deal should go through and we would get to vode on the newco issue. The fans are getting a say in the NewCo issue. Quote Link to comment Share on other sites More sharing options...
St. Sid Posted June 22, 2012 Report Share Posted June 22, 2012 The problem we (10000hours) have is that we are buying a business at the end of the day. A business that takes over 60% of it's revenues from commercial SPL TV and Sponsorship deals. 10000Hours need some assurances about the future of these deals before we, or our funder, can commit to the deal. The selling consortium can't currently guarantee these deals will still be in place (nobody currently can) and they are similarly concerned about our ability as a fledgling organisation to deal with the nightmare scenario of those deals disappearing or being drastically reduced almost overnight. So it is prudent and sensible for both parties to wait until there is more clarity on exactly what the position is before proceeding on either side.. The size of the bid made is what we can afford to pay back and we have managed to monetise the additional £4k per month in direct debits we have received from individuals in order to make the up front bid as attractive as we possibly can. Be in absolutely no doubt, our deal is NOT dependent on NewCo being in the SPL, but our deal is very much dependent on St.Mirren FC being able to trade in the SPL as a going concern. The TV and sponsorship money the club takes from the SPL is a huge part of the clubs turnover whether you or I like it or not. If 60% of the clubs income was to disappear overnight, with a playing squad of 23 or so first team players all contracted to be paid this season based on that revenue being there then the club would be in serious trouble. The board want to gather the fans opinion on the NewCo vote but they also want to make absolutely sure that the fans are given all the necessary information to allow them to make an informed decision rather than a knee jerk one. None of this is negative in any way, it's just plain common sense. I hope all the fans that were questioning the finances will be getting apologies from 10000 Hours then. It would seem that Bii still have concerns like some of the fans and SMiSA. Quote Link to comment Share on other sites More sharing options...
St. Sid Posted June 22, 2012 Report Share Posted June 22, 2012 The fans are getting a say in the NewCo issue. When and how? The fans have had their say - an olmost unanimous vote saying no - what's the delay? Quote Link to comment Share on other sites More sharing options...
kenbud Posted June 22, 2012 Report Share Posted June 22, 2012 The problem we (10000hours) have is that we are buying a business at the end of the day. A business that takes over 60% of it's revenues from commercial SPL TV and Sponsorship deals. 10000Hours need some assurances about the future of these deals before we, or our funder, can commit to the deal. The selling consortium can't currently guarantee these deals will still be in place (nobody currently can) and they are similarly concerned about our ability as a fledgling organisation to deal with the nightmare scenario of those deals disappearing or being drastically reduced almost overnight. So it is prudent and sensible for both parties to wait until there is more clarity on exactly what the position is before proceeding on either side.. The size of the bid made is what we can afford to pay back and we have managed to monetise the additional £4k per month in direct debits we have received from individuals in order to make the up front bid as attractive as we possibly can. Be in absolutely no doubt, our deal is NOT dependent on NewCo being in the SPL, but our deal is very much dependent on St.Mirren FC being able to trade in the SPL as a going concern. The TV and sponsorship money the club takes from the SPL is a huge part of the clubs turnover whether you or I like it or not. If 60% of the clubs income was to disappear overnight, with a playing squad of 23 or so first team players all contracted to be paid this season based on that revenue being there then the club would be in serious trouble. The board want to gather the fans opinion on the NewCo vote but they also want to make absolutely sure that the fans are given all the necessary information to allow them to make an informed decision rather than a knee jerk one. None of this is negative in any way, it's just plain common sense. Div, can you write the statments from now on.... or at least provide a for dummies version on here soon after..... reading between the lines your post and the statement that came from out today say the same thing. but from a fans point of view i am 100% more reassured by what you had to say.... Quote Link to comment Share on other sites More sharing options...
10000hours Posted June 22, 2012 Report Share Posted June 22, 2012 Folks thanks already for the vast number of emails even recieved this morning regarding this mornings statement, in particular with ref to NewCo issues. We will revert as soon as possible with regards to how we will consult with the 10000hours members and feed that information back to the board of SMFC. However be categorically assured that no part of any part of our proposal relies on Either a YES or a NO vote what has been agreed is that it is most prudent, as the whole situation is going to be clarified very soon, to wait for the actual facts to become avaliable to everyone, the Fans the Club the Selling Consortium and the CIC Quote Link to comment Share on other sites More sharing options...
ANGLO SAINT Posted June 22, 2012 Report Share Posted June 22, 2012 Sounds a strange one to me, are we saying the CIC bid goes thru if Rangers stay in the league but fails if they don't. As St.Sid have the CIC actually achieved the level of investment they required, as the message regularly appears to be we are still chasing leads up it has been going a long time in various forms if they don't have the level of investment they require now they never will. The fans back the bid as we have seen over the last week its now down to them to deliver on their promises. If CIC are asking us to vote CIC or No Rangers in the SPL - its gotta be no rangers and the death of CIC - hasn't it?? Is Sky and ESPN are tied into the tv deal for next season we miss 1 or 2 visits by rangers fans to st mirren park, the attendance last season for the xmas eve match was 6,711 - we had an average home gate of 4,492 last season - so an additional 2,219 rangers fans paid to attend the match, even at £30 a time this is £67k. Is it really a big deal for St Mirren, achieve top 6 and we are likely to increase attendances, revenues and league monies from finishing higher than this year. This will be a bigger loss for other clubs with bigger stadiums but for St Mirren i think its an easy decision. Quote Link to comment Share on other sites More sharing options...
David Mc Posted June 22, 2012 Report Share Posted June 22, 2012 This is now a complete and utter shambles - time to pull the plug on it and gie the fans peace. The fans vote is sitting at 97.35% NO to NEWCO What’s to wait for come on board come out with a statement Because they don't know whether the drop in revenue would put us out of business or not. Until the financial implications are clearer no one truly knows whether that's the case or not. Mad Vlad has seized the main chance. United and Aberdeen were getting hammered in season ticket sales. Until you see the figures you don't know the potential outcome of voting one way or another. I do wonder if Killie will survive and what happens to the £2m subsidy the SPL pays the SFL that is keeping some clubs afloat presumably. If Saints were still £2.6m in debt and scraping by how would people be voting? 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 think it is as Div says the nightmare scenario for the CIC - the supporters want a say on Newco and will more than likely vote according to their emotions whereas the consortium & CIC have the financial situation uppermost in their minds. It's not my place to tell CIC members how to vote but as a St.Mirren fan I hope............................. Quote Link to comment Share on other sites More sharing options...
Colin M Posted June 22, 2012 Report Share Posted June 22, 2012 How does that 60% break down Div? I agree that some clarity is required but to be frank, as I consider admitting a Newco to be rigging the league, there's not really even a pragmatic argument there for me! Appreciate that St Mirren and whoever is running it must do what they have to do, but if a Yes vote/result is a necessity for us, then we're aready in trouble. Quote Link to comment Share on other sites More sharing options...
St. Sid Posted June 22, 2012 Report Share Posted June 22, 2012 Folks thanks already for the vast number of emails even recieved this morning regarding this mornings statement, in particular with ref to NewCo issues. We will revert as soon as possible with regards to how we will consult with the 10000hours members and feed that information back to the board of SMFC. However be categorically assured that no part of any part of our proposal relies on Either a YES or a NO vote what has been agreed is that it is most prudent, as the whole situation is going to be clarified very soon, to wait for the actual facts to become avaliable to everyone, the Fans the Club the Selling Consortium and the CIC More spurious blah, blah.......why not just tell us exactly what the issue is rather than leaving everyone second guessing nonsense statements. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.