Joint Statement By 10000Hours And Selling Consortium

[smcc]

St Sid,

I do not know you but you were identified to me when you spoke at the recent CIC meeting. Having read many of your posts on the subject, I was surprised to hear how sensible, calm and collected you sounded.

Perhaps if you kept your cool on this forum, stopped casting aspersions on the intelligence of others and gave up calling them names people might be more inclined to pay attention to what you say.

[Guest somner9]

As someone who decided it's better to fight from the inside I am left astounded by the statement issued here. FFS it's not news its being going on for months! Are the bigwigs at 10000 hours so incompetent and lacking in any financial foresight that it took until the day they placed their bid to realise what impact a rangerless spl would have on future earnings???

Are they really that incompetent? Or is there something else we are not being trusted to know?

Ye couldnae make it up!

[div]

As someone who decided it's better to fight from the inside I am left astounded by the statement issued here. FFS it's not news its being going on for months! Are the bigwigs at 10000 hours so incompetent and lacking in any financial foresight that it took until the day they placed their bid to realise what impact a rangerless spl would have on future earnings???

Are they really that incompetent? Or is there something else we are not being trusted to know?

Ye couldnae make it up!

The deadline we were working to was not put there by us.

[dancindan]

They are lending half a million quid to allow us to buy a business. Why can't you recognise that it is quite important to them to have assurances that the business we are buying is still going to be viable given that it is operating in an Industry (eg Scottish Football) which is currently surrounded by so much uncertainty.

For the sake of another 3 weeks I think it is sensible for us all to wait and see what happens. I cannot understand why anyone would be suggesting it would be good for either St.Mirren or 10000Hours to push ahead with this deal right now. What difference does a few more weeks make versus the last two years ?

Div, do you know if the alternate bid..(international consortium) are relying on loans to purchase the club? Is there no way the fans can find out the intentions of said bidder whilst we are waiting over the next three weeks?

[Eddy]

They are lending half a million quid to allow us to buy a business. Why can't you recognise that it is quite important to them to have assurances that the business we are buying is still going to be viable given that it is operating in an Industry (eg Scottish Football) which is currently surrounded by so much uncertainty.

Cant blame Bii at all - especially if you take into account that the money they are lending the CIC is completely UNSECURED AGAINST THE ASSETS OF THE CLUB, I'd want some assurances too.

Still can't see what all the fuss is about, holding off until we see which way the wind is blowing seems the most sensible course of action by the CIC, and once again, the current board should be commended on their concern for the club -I'm sure there are many in SGs position who would have been all too happy to off load this burden at such an unpredictable time and have it away on their toes with the readies.

Edited June 23, 2012 by Eddy

[div]

Div, do you know if the alternate bid..(international consortium) are relying on loans to purchase the club? Is there no way the fans can find out the intentions of said bidder whilst we are waiting over the next three weeks?

Honestly know very little about the other bids.

[div]

Cant blame Bii at all - especially if you take into account that the money they are lending the CIC is completely UNSECURED AGAINST THE ASSETS OF THE CLUB, I'd want some assurances too.

Still can't see what all the fuss is about, holding off until we see which way the wind is blowing seems the most sensible course of action by the CIC, and once again, the current board should be congratulated on their concern for the club -I'm sure there are many in SGs position who would have been all too happy to off load this burden at such an unpredictable time and have it away on their toes with the readies.

This !

[St. Sid]

Cant blame Bii at all - especially if you take into account that the money they are lending the CIC is completely UNSECURED AGAINST THE ASSETS OF THE CLUB, I'd want some assurances too.

Eddy...this is another smoke and mirrors soundbite along with all the other bollox about there being no risk to the club. As per the statement at the public meeting Bii would take control of the 52% shareholding if 10000 Hours fail to service the debt. That is currently valued at £1.5Million - although it may have dropped to £1.2Million based on the shortfall of lump sum investment from the "successful businessmen" that GLS had lined up.

Bii are actually concerned about SMFC failing which could see their 52% shareholding rendered worthless. There worry is St Mirren Football Club failing under the stewardship of 10000 Hours.

There is risk and always has been risk to SMFC in this venture. Difficult to believe after all the spin and soundbites - but that is a fact.

[David Mc]

Many people on here have said 'they are taking a punt'. That is they are willing to take a risk which is inherent in the CIC. Give the people on here the credit they are due. It seems you are more risk averse than most of the people on here. We get it.

[billyg]

As someone who decided it's better to fight from the inside I am left astounded by the statement issued here. FFS it's not news its being going on for months! Are the bigwigs at 10000 hours so incompetent and lacking in any financial foresight that it took until the day they placed their bid to realise what impact a rangerless spl would have on future earnings???

Are they really that incompetent? Or is there something else we are not being trusted to know?

Ye couldnae make it up!

That's what puzzles me too. Last week it was full steam ahead " sign up and the consortium will sell" with no reference to the ongoing RFC situation , then , suddenly , the whole deal depends on the fall-out after July4 . If I had known going into this that it's chances of success were up in the air until the RFC problem was addressed to our satisfaction , then I wouldn't have signed up !

[St. Sid]

Many people on here have said 'they are taking a punt'. That is they are willing to take a risk which is inherent in the CIC. Give the people on here the credit they are due. It seems you are more risk averse than most of the people on here. We get it.

Is that the argument supporting 10000 Hours now? Some fans are entitled to gamble the clubs existence for a tenner a month no matter what other fans think. Nick Leeson liked a gamble, Fred Goodwin liked a gamble and the biggest debt gambler in football ever was sir david murray - that worked out well.

[div]

That's what puzzles me too. Last week it was full steam ahead " sign up and the consortium will sell" with no reference to the ongoing RFC situation , then , suddenly , the whole deal depends on the fall-out after July4 . If I had known going into this that it's chances of success were up in the air until the RFC problem was addressed to our satisfaction , then I wouldn't have signed up !

We were given a deadline to table a bid. That deadline was given to us by the people selling the club. We had to get to a point where we tabled the best possible bid we could afford and the backing and support we got allowed us to do exactly that.

We don't know how far the other bid has got, maybe that's what is driving the deadline we were given, no idea.

We can only do what we are asked to do and in fairness to the sellers, we have had two years to do this, eventually someone had to say enough is enough.

I'd hope you can see that waiting an extra few weeks just to see how the land lies in the SPL is a prudent and sensible thing to do and that you will still be backing the bid.

[div]

Is that the argument supporting 10000 Hours now? Some fans are entitled to gamble the clubs existence for a tenner a month no matter what other fans think. Nick Leeson liked a gamble, Fred Goodwin liked a gamble and the biggest debt gambler in football ever was sir david murray - that worked out well.

And yet 10000Hours is doing precisely the OPPOSITE of gambling. We have bid what we can afford, not what we were asked to bid, and we cannot complete the bid until we know that the business we are buying is retaining the lions share of the revenues it needs to survive.

All prudent, all sensible, no gambling.

[reborn saint]

Blood presure back to normal today......This whole Ran*ers saga is now making my skin crawl... Correct me where I'm wrong here Div.

St Mirren have a total income of £3.5M per year. We have a player budget of £1.5M. Now the contracts for our £2000 per week players such as Thompson, Teale and Goodwin have surely been written to terminate if the club is relegated. If we suffer from a £500,000 shortfall (which I have stated is pish) then even if these players have a right to stay if an offer was made to release them due to circumstances then they would accept if the alternative was administration. We could get our budjet down to £1M and survive.

[Guest somner9]

We were given a deadline to table a bid. That deadline was given to us by the people selling the club. We had to get to a point where we tabled the best possible bid we could afford and the backing and support we got allowed us to do exactly that.

We don't know how far the other bid has got, maybe that's what is driving the deadline we were given, no idea.

We can only do what we are asked to do and in fairness to the sellers, we have had two years to do this, eventually someone had to say enough is enough.

I'd hope you can see that waiting an extra few weeks just to see how the land lies in the SPL is a prudent and sensible thing to do and that you will still be backing the bid.

I don't know how you can spin it like this (Prudent)?

Are we to believe that neither 10000 hours or The Big Issue had even contemplated the financial future of a rangerless spl?

Someone needs to start telling pledgers the full facts here, are you really insisting it was only at the meeting to put forward 10000 hours best bid that they, the sellers and Big Issue thought there may be a shortfall on income next season???

Sorry that dog ain't gonna hunt!

[St. Sid]

Someone needs to start telling pledgers the full facts here......

It's too late for that. We're heading for a financial car crash for the club and ALL fans are saddled with the decisions of fans to have a "punt" with their tenner -a- month.

All that 10000 Hours require is confirmation of the loan from Bii and acceptance from the BoD. The fan are no longer a part of this...there role has never been anything more than completing a direct debit form and hoping for the best.

[pozbaird]

Been down in Manchester for three days to take in the Bruce Springsteen gig at the Etihad Stadium, and seem to have missed a lot of action in regard to the takeover, and events at Sevco 5088 Zombie FC Dawn of the Dead.

In regard to us, it seems that we are being canvassed in regard to our views on Sevco 5088 Zombie FC Dawn of the Dead and their 'Newco' pish. Has this been done yet, or is it still to happen?

Thanks in advance! Incidentally, Springsteen was incredible. 3hrs 27min set.... out of this world, and the Etihad is a fine stadium too.

[Drew]

Been down in Manchester for three days to take in the Bruce Springsteen gig at the Etihad Stadium, and seem to have missed a lot of action in regard to the takeover, and events at Sevco 5088 Zombie FC Dawn of the Dead.

In regard to us, it seems that we are being canvassed in regard to our views on Sevco 5088 Zombie FC Dawn of the Dead and their 'Newco' pish. Has this been done yet, or is it still to happen?

Thanks in advance! Incidentally, Springsteen was incredible. 3hrs 27min set.... out of this world, and the Etihad is a fine stadium too.

Not as yet. We will be receiving an email soon by all accounts.

[pozbaird]

Not as yet. We will be receiving an email soon by all accounts.

Cheers Drew....

Maybe it'll be like this....

Please indicate from the three following choices your reaction to the prospect of a Rangers 'Newco' being admitted directly into the SPL.

1. No thanks.

2. No way Jose.

3. Over my dead body.

[Drew]

Cheers Drew....

Maybe it'll be like this....

Please indicate from the three following choices your reaction to the prospect of a Rangers 'Newco' being admitted directly into the SPL.

1. No thanks.

2. No way Jose.

3. Over my dead body.

A few people have taken issue with why signed-up CiC members are being canvassed for their views, as opposed (or, in addition) to ST holders, shareholders etc.

That's a fair shout, IMO.

[St. Sid]

Cheers Drew....

Maybe it'll be like this....

Please indicate from the three following choices your reaction to the prospect of a Rangers 'Newco' being admitted directly into the SPL.

1. No thanks.

2. No way Jose.

3. Over my dead body.

The fishal site's version has three options.....even at that the vote was still over 90% for a straight no vote last time I looked.

[reborn saint]

Cheers Drew....

Maybe it'll be like this....

Please indicate from the three following choices your reaction to the prospect of a Rangers 'Newco' being admitted directly into the SPL.

1. No thanks.

2. No way Jose.

3. Over my dead body.

Is there not an option to answer "Why are you asking such a stupid fcukin question when you already know the answer?"...I'm picking that one.

Edited June 24, 2012 by reborn saint

[buddiecat]

Cheers Drew....

Maybe it'll be like this....

Please indicate from the three following choices your reaction to the prospect of a Rangers 'Newco' being admitted directly into the SPL.

1. No thanks.

2. No way Jose.

3. Over my dead body.

can't obviously say for sure , but it seems the questionaire (which will be coming from the BOD not CIC) will be along the lines of :-

1. do you think smfc should vote no to a newco entering the spl

2. are you willing to say no even if it means smfc could go into administration themselves and therefore also not be allowed to reform and enter the spl as a newco

and probably a few other options. my answer would always be no, if we sink along with them then we will not be the only ones and league reconstruction will be an absolute neccessity, hopefully a fairer system for all teams (who have not been at the buster keaton) comes out of this

[St. Sid]

can't obviously say for sure , but it seems the questionaire (which will be coming from the BOD not CIC) will be along the lines of :-

1. do you think smfc should vote no to a newco entering the spl

2. are you willing to say no even if it means smfc could go into administration themselves and therefore also not be allowed to reform and enter the spl as a newco

and probably a few other options. my answer would always be no, if we sink along with them then we will not be the only ones and league reconstruction will be an absolute neccessity, hopefully a fairer system for all teams (who have not been at the buster keaton) comes out of this

There will be a 3rd question.......are you willing to say no even though it means 10000 Hours won't happen and Paisley's soup kitchens will need to close.

[pozbaird]

The fishal site's version has three options.....even at that the vote was still over 90% for a straight no vote last time I looked.

Not surprising Sid. Even allowing for a percentage of the 'No' vote simply being down to folk hating Rangers and wanting blood - it's patently wrong to allow any Newco club direct entry to the SPL, following administration and liquidation. Imagine this was any non-OF club. Bought players they couldn't otherwise afford using double-contracts (the SPL say Rangers have a prima facie case to answer in this regard), they also found a new owner who knowingly didn't pay tax or PAYE for 9 months, the SFA found them guilty of offences a baw' hair away from match fixing, the club took the SFA to court, and, and.....

There would be no vote, no debate, no discussion. Any other club in the same boat and their arse would be toast.

NO TO NEWCO.