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St. Sid

Sale Of Club Postponed

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It looks like fans weren't scared oof enough by GLS's £500K shortfall in revenues so REA has hiked it up to £800K now. Hopefully bluto will be emailing Andy Newport about his spelling of "sale". Utter shambles.

Saints sail could be delayed for a year

Jun 26 2012 by Andy Newport, Paisley Daily Express

ST MIRREN bosses are working on an emergency plan that would see the sale of the club put on hold for as long as a YEAR if Rangers’ financial meltdown plunges the SPL into crisis.

Express Sports can reveal Saints chiefs privately fear a doomsday scenario that would see SPL contracts with the likes of TV broadcasters Sky torn up following a ‘yes’ vote to boot the liquidated ’Gers out of the top flight.

Five clubs – Aberdeen, Dundee United, Hearts, Hibernian and Inverness – have already revealed they will vote against admitting the Ibrox newco back into the SPL at a Hampden meeting on July 4.

And that could drive league sponsors away from big money deals – leaving Saints facing an £800,000 black hole in their finances.

Now 10000Hours takeover bid boss Richard Atkinson has said a ‘last-resort’ plan is being drawn up that would see the three-year sale saga extended for another 12 months while his group, the selling consortium and St Mirren supporters join forces in a bid to save the club from a cash crisis.

Atkinson told Express Sports: “If the club’s revenue is massively impacted as a result of any of the SPL’s commercial partners pulling out, the continued sustainability of the club is what becomes most important.

“Everything else – including the buying and selling of the club – becomes secondary at that point.

“I’m sure the selling consortium, the club board, 10000Hours and its members and even those who disagree with our takeover bid would agree with that.”

Under Atkinson’s emergency plan, the 1,000-plus fans who have signed up to the 10000Hours Community Interest Company (CIC) membership schemes would be asked to continue paying their dues, with the cash being used to support Saints. Only after the club’s finances were stabilised would Atkinson and his takeover team look to carry on with their bid.

Atkinson added: “We all want to support the club through a difficult period. After that, we could then look at moving forward with a takeover.”

Saints chairman Stewart Gilmour, who has teamed up with four other directors to sell a 52 per cent controlling stake in the club, hasn’t given up hope that the SPL’s commercial partners will honour their agreements.

However, he has agreed that 10000Hours should consult with its members on whether or not Saints should keep crisis-hit Rangers in the 12-team top division.

With the threat of a financial implosion to be balanced against the need for sporting integrity, 10000Hours has drawn up four draft questions for fans in an e-mail poll that will gauge reaction to a number of different outcomes.

These are:

l Should Rangers be allowed straight back into the SPL as a newco if it does not affect SPL revenues to SMFC for this season?

l Should Rangers be allowed straight back into the SPL as a newco if SMFC face a reduction of £200,000 in income?

l Should Rangers be allowed straight back into the SPL as a newco if SPL commercial revenues plummet and SMFC are faced with a massive revenue shortage and the possibility of administration?

l In the event of SPL commercial revenues reducing, would you, working with the CIC and SMFC, be prepared to support the club through increased pledges and donations?

Atkinson added: “We’re not trying to influence people – we just want them to have all the information they need.”

Edited by St. Sid

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Sale of club postponed ?unsure.png But I thought there was an announcement by the consortium saying that "one way or another the club will be in new hands by August " ? Or was that more scaremongering or fibs or just nonsense , to get us to part with the dough ?

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No another bloody thread!!!

I agree wholeheartedly.

Although this is an interesting soundbite provided by John (thats what I call Sid these days as we are clearly becoming close, in a forum user to forum user way) I feel that starting another thread was not required.

I am surprised as John himself has indicated in the past that he does value the quality of the forum, indeed I was hoping to see some improved content in his posting as a result.

In conclusion Mr Mougie, we are in agreement that starting this thread was not necessary.

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has SG, REA, GLS & all the rest considered the financial implications if those St Mirren fans who have said they will stay away follow that through IF, St Mirren voted Yes to the Newco??

I suspect, in the long run, that would be more damaging to St Mirren as without a fanbase {worst case scenario, ala REA et al} administration would be a formality in St Mirren going out of business.

Best case, Vote No. Short term pain for long term gain biggrin.png

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I agree wholeheartedly.

Although this is an interesting soundbite provided by John (thats what I call Sid these days as we are clearly becoming close, in a forum user to forum user way) I feel that starting another thread was not required.

I am surprised as John himself has indicated in the past that he does value the quality of the forum, indeed I was hoping to see some improved content in his posting as a result.

In conclusion Mr Mougie, we are in agreement that starting this thread was not necessary.

Have to disagree with you. The article is well worthy of its own thread as the article appears to conflict with the spin 10000 Hours have been putting on the questions / scaremongering since it was met with a negative response from fans. That's the problem with old school media like newspapers....the delay in publication.

I agree with a previous poster that the sale of the club should be postponed for at least 6 months.

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1. Not enough cash in place for the takeover raised in time.

2. Put out a nonsense press release claiming the blame lies with Rangers.

3. Hope fans are utter morons.

4. Look stupid now every other club chairman outside of Kilmarnock says they will get by fine without Rangers.

Starting to worry about the ability of these guys to run the club if the sale ever does go through.

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.....and at what point in the last few months have Sky said they are pulling the plug on any TV deal? Sick and tired of this nonsense. If the BoD and the CIC believe a no vote in respect of the newco will bring financial armegeddon they should clearly say so.

They are both in danger of alienating the supporters at the very time they need them if the club is to survive going forward.

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I have been following the trail of the proposed CIC since it first came on the scene and, although it has gone through various disguises, I still think it has potential. What does piss me off is the usual suspects on this forum continually starting new threads and going off at tangents. They seem to have reached the stage where they can't see the wood for the trees.and I can't be bothered reading any more of their drivel and I shall leave this forum until the deal is settled or not, as the case may be. Que sera sera! bye1.gif

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I have been following the trail of the proposed CIC since it first came on the scene and, although it has gone through various disguises, I still think it has potential. What does piss me off is the usual suspects on this forum continually starting new threads and going off at tangents. They seem to have reached the stage where they can't see the wood for the trees.and I can't be bothered reading any more of their drivel and I shall leave this forum until the deal is settled or not, as the case may be. Que sera sera! bye1.gif

We all believe it has potential. Sadly it is not achieving its potential despite a fair percentage of St Mirren fans giving it their full backing to the tune of £11,540.00 per month. More time is required to get the funding correct and to fine tune how it will actually work. Hopefully the postponement mentioned by REA will provide the opportunity for 10000 Hours to engage with ALL intersted parties....a wee bit of funding from the cnutcil, SMiSA becoming involved again, perhaps identifying some other funding areas that could deliver grants, etc. Drop all the secret squirrel bollox and let everyone get involved in setting up the CIC and we might just get somewhere.

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We all believe it has potential. Sadly it is not achieving its potential despite a fair percentage of St Mirren fans giving it their full backing to the tune of £11,540.00 per month. More time is required to get the funding correct and to fine tune how it will actually work. Hopefully the postponement mentioned by REA will provide the opportunity for 10000 Hours to engage with ALL intersted parties....a wee bit of funding from the cnutcil, SMiSA becoming involved again, perhaps identifying some other funding areas that could deliver grants, etc. Drop all the secret squirrel bollox and let everyone get involved in setting up the CIC and we might just get somewhere.

spot on Sid and lets try and come up with more appealing options for areas such as the 87 club in order to get more fans on board,

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We all believe it has potential. Sadly it is not achieving its potential despite a fair percentage of St Mirren fans giving it their full backing to the tune of £11,540.00 per month. More time is required to get the funding correct and to fine tune how it will actually work. Hopefully the postponement mentioned by REA will provide the opportunity for 10000 Hours to engage with ALL intersted parties....a wee bit of funding from the cnutcil, SMiSA becoming involved again, perhaps identifying some other funding areas that could deliver grants, etc. Drop all the secret squirrel bollox and let everyone get involved in setting up the CIC and we might just get somewhere.

clap2.gif Great Sid. Leave it at that and don't spoil it.

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I agree wholeheartedly.

Although this is an interesting soundbite provided by John (thats what I call Sid these days as we are clearly becoming close, in a forum user to forum user way) I feel that starting another thread was not required.

I am surprised as John himself has indicated in the past that he does value the quality of the forum, indeed I was hoping to see some improved content in his posting as a result.

In conclusion Mr Mougie, we are in agreement that starting this thread was not necessary.

Oh TediousTom, how I do rather enjoy your old-fashioned, proper way of speaking. It is an etiquette that should be followed by more people on this forum. icon12.gif

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Now 10000Hours takeover bid boss Richard Atkinson has said a ‘last-resort’ plan is being drawn up that would see the three-year sale saga extended for another 12 months while his group, the selling consortium and St Mirren supporters join forces in a bid to save the club from a cash crisis.

Under Atkinson’s emergency plan, the 1,000-plus fans who have signed up to the 10000Hours Community Interest Company (CIC) membership schemes would be asked to continue paying their dues, with the cash being used to support Saints. Only after the club’s finances were stabilised would Atkinson and his takeover team look to carry on with their bid.

So the CIC members are being asked to put their subscriptions into the club but what exactly are the consortium contributing to the "bid to save the club from a cash crisis." Might the CIC expect a reduced price if & when a sale happens?

Oh and where are the other interested parties?

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So the CIC members are being asked to put their subscriptions into the club but what exactly are the consortium contributing to the "bid to save the club from a cash crisis." Might the CIC expect a reduced price if & when a sale happens?

Oh and where are the other interested parties?

Thats what I dont get. Why would the buyer of an asset assist the seller to keep the sale price bouyant when it's quite obvious that it would be in the buyers best interest to let the business fail first and to buy cheaply from the administrators?

Question 4 was far too cosy for me and it is slanted, bizarrely, to favour the selling consortium rather than the membership.

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Thats what I dont get. Why would the buyer of an asset assist the seller to keep the sale price bouyant when it's quite obvious that it would be in the buyers best interest to let the business fail first and to buy cheaply from the administrators?

Question 4 was far too cosy for me and it is slanted, bizarrely, to favour the selling consortium rather than the membership.

If the club is in such a position that the question even has to be asked, the value of the majority shareholding will have reduced as a result. The price put on the majority shareholding can only be what it is based upon contributing factors at any given time.

Sounds too much like Duff & Duffer agreeing to sell the assets of Scumgers for 5.5 million regardless of whether the sh1t was only up to their ankles or their necks.

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That's right , "the club will be sold one way or another by the start of the season" ! dry.png

The PDE are reporting that there are still tow interested parties plus other "group" are also watching developments. It is part of the article they've done today roasting Brian Lawson.

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The PDE are reporting that there are still tow interested parties plus other "group" are also watching developments. It is part of the article they've done today roasting Brian Lawson.

This article Sid?

http://www.paisleydailyexpress.co.uk/2012/06/27/renfrewshire-council-st-mirren-plan-is-irresponsible-claims-council-leader-87085-31267557/

If there are other parties interested in buying the club at this time I think 10000hours should stand back and let them get on with it. If the project isn't going to be financially viable without diverting 10000hours members cash into propping up the club rather than pay off the debts it's accumulated then let the financial problems fall on the shoulders of the private investor who would - rather recklessly - buy an SPL football club at this time.

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This article Sid?

http://www.paisleyda...87085-31267557/

If there are other parties interested in buying the club at this time I think 10000hours should stand back and let them get on with it. If the project isn't going to be financially viable without diverting 10000hours members cash into propping up the club rather than pay off the debts it's accumulated then let the financial problems fall on the shoulders of the private investor who would - rather recklessly - buy an SPL football club at this time.

To be fair the two "seriously interested parties" are no longer being described as bidders. Then we have some additional groups watching developments.

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To be fair the two "seriously interested parties" are no longer being described as bidders. Then we have some additional groups watching developments.

There's over 1000 additional groups watching developments....:rolleyes:

Seriously 10000hours should step back. If Gilmour has a buyer let him sell, if he hasn't let the club fail under his guidance and 10000hours can come in and rescue the club from the administrators.....that's all assuming that the scaremongering about the effects of losing Newco Rangers isn't just a rouse to get 10000hours members to donate £10 their subscription to the football club for a year of course. .

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....that's all assuming that the scaremongering about the effects of losing Newco Rangers isn't just a rouse to get 10000hours members to donate £10 their subscription to the football club for a year of course. .

Rangers can go and play on the moon for all we care, it's what Sky does that matters.

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