St. Sid Posted September 10, 2012 Report Share Posted September 10, 2012 After eons of silence we finally get an article that contains some information regarding the bid. Good to see SG recognised the high gearing issues that I have been posting about. Essentially the debt to capital investment is miles off accepted levels of risk for any business venture. The guarantees made by 10000 hrs effectively put to bed any notion that the club will be owned / controlled by the fans. Effectively the interim BoD will become guarantors for the club and will be immovable until the debt is cleared. So long as there's debt or cashflow concerns there is no fan ownership. If this had all come out months ago when it was already known it might have been pallatable. However, they withheld this information from the fans whilst asking for their money and continuing to peddle the fan ownership bollox. http://www.paisleydailyexpress.co.uk/renfrewshire-sport/renfrewshire-football/renfrewshire-football-st-mirren/2012/09/08/bid-bosses-vow-to-cough-up-for-saints-shortfall-87085-31789957/ The men behind the fan-backed takeover bid for St Mirren have vowed to stump up their own cash if the scheme runs into money trouble, Express Sports can reveal. The 10000Hours group yesterday lodged a revised £1.25million bid to buy the club after chairman Stewart Gilmour told them the offer they submitted a fortnight ago wasn’t up to scratch. We have been told that Gilmour — who is selling a controlling stake in the club with four of his boardroom allies — was not happy with the size of the up-front lump sum 10000Hours boss Richard Atkinson and his team were prepared to pay. He also wanted personal guarantees from Atkinson and other members of his group, such as former Buddies director Gordon Scott, that they would cough up cash if their supporter-assisted project failed to come up with the readies for future instalments. 10000Hours have already won the backing of over 1,000 fans who have pledged to hand over monthly deposits in exchange for a vote on how the club is run. However, around 50 supporters have already cancelled their direct debits after growing fed-up with the length of time it has taken Atkinson to strike a deal. Yesterday marked the third anniversary of the selling consortium’s decision to put Saints on the market but they keys to St Mirren Park have yet to change hands. However, it has now emerged that the 10000Hours leadership have agreed to up their first payment and will also cover any shortfall further down the line if their bid is accepted. Last night, Atkinson would only say: “The consortium have come back to us and asked us to review a couple of matters which we have responded to today.” The Maxi Group haulage boss, however, would not be drawn directly on the Paisley Daily Express’ revelations that Scottish ex-pat Dave Wares is the man behind a secret rival bid based in the US. We reported on Wednesday that the technology expert was fronting a five-man consortium that hoped to beat 10000Hours to a deal. But Atkinson did say: “We are in a competitive situation and can only make the best offer we can. “From day one, this bid has been about making a bid which the fans can afford and we are sticking to that. “If another offer is made which also protects the legacy and assets of the club for the club and community, which is what we believe is offered by fan mutual ownership, then it is entirely up to the selling consortium to decide what to do.” Quote Link to comment Share on other sites More sharing options...
Guest somner9 Posted September 10, 2012 Report Share Posted September 10, 2012 Now everyone can see why they wouldn't show THEIR investors the business plan! I made a joke about it last week, but with the continuing drop in monies available (Saints fans cancelling DD mandates) to meet the debt repayment plan, even at this late stage has forced SG to stop the deal going through and tell them their offer doesn't add up! It looks like they were hoping to get it through on a wing and a prayer Move along 10000 hours, come on lets see what DW's bid looks like Quote Link to comment Share on other sites More sharing options...
TsuMirren Posted September 10, 2012 Report Share Posted September 10, 2012 At least now there'll be a bid in that could be acceptable, SG has done the right thing by asking for some sort of guarantee and it does protect both Saint Mirren and the selling consortium's interests. I seriously doubt there'll be time to see what the other bid will look like, surely it's at the accept or decline stage much like 10000 Hours now is. There won't be the chance to trawl through it, have public meetings, ask questions, demand involvement, go over the constitution or even say "hawd on". If it promises investment, without fans having to put their hands in their pocket, then the majority won't give a shit about where the money comes from and they'll jump on it. Quote Link to comment Share on other sites More sharing options...
St. Sid Posted September 10, 2012 Author Report Share Posted September 10, 2012 There was no fan ownership, no fan empowerment, no other bids, no armageddon, no cash, no 1877 club members........the fans were getting bullshitted. Just glad the nonsense is all over. Quote Link to comment Share on other sites More sharing options...
TsuMirren Posted September 10, 2012 Report Share Posted September 10, 2012 There was no fan ownership, no fan empowerment, no other bids, no armageddon, no cash, no 1877 club members........the fans were getting bullshitted. Just glad the nonsense is all over. Was that for the whole time John or just from the point you threw the toys out the pram? Quote Link to comment Share on other sites More sharing options...
St. Sid Posted September 10, 2012 Author Report Share Posted September 10, 2012 Was that for the whole time John or just from the point you threw the toys out the pram? Yay...another "John" post. I never threw my toys out the pram Tsu...sounds like you are now though. I listened to SMiSA raise concerns at a poorly attended public meeting - I attended every public meeting. I watched 10000 hrs struggle to respond to the fairly open questions. I actually supported REA on the night and later online. However, the unanswered questions were of concern coupled with information coming from the original funders - I did my homework. I asked for information and it wasn't provided. I asked for information to be provided at the final public meeting...the opted to slabber a lot of shite about other bids - which according to the statement from SG today do not exist. Some fans including me knew about the shortfall and cashflow issues. I tried my best to get 10000 hrs to own up to it. They refused to and the first time it was fessed up in public was when the information was released in the PDE this morning. I didn't throw my toys out of the pram Tsu.....I just knew that the bid has declined into a bag of shite. 10000 hrs were trying to pressure the selling consortium into accepting a bid that would put the club at risk. Thankfully the selling consortium have done us all proud yet again....despite the best efforts of some fans to sate their own starving egos by playing Mr St Mirren. I watched post after post towards guys like somner9 about how they were going to be boaking when 10000 hrs took control. In reality, a lot of sane St Mirren fans are breathing a huge sigh of relief. There's no goading TsuMirren...just relief that the club is still in safe hands and the egomaniacs prepared to take control of the club at all costs have been shown the door. SMiSA were very brave in questioning 10000 hrs finances and business plan whilst a lot of dopey f'k'rs cheered on REA as he tried to discredit their stance at the last public meeting. Our club was saved today and we should all be grateful for it. However I'm sure you won't be the last to spit their 10000 hrs dummy out. Quote Link to comment Share on other sites More sharing options...
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