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New Buyers?


Edinbuddie

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From the Herald;

A GROUP of investors led by Jim Methven, the former Cowdenbeath chairman, is understood to be in talks to buy St Mirren.

Graeme Macpherson

The Paisley club has been up for sale since September 2009 when a number of directors put their individual shareholdings together to create a 52% majority stake. Despite several takeover attempts in the intervening four-and-a-half years, including a protracted effort to push through a community buy-out, the group led by chairman Stewart Gilmour has been unable to move the club on. Now, though, a deal could be completed that would put St Mirren in new hands before the end of the season.

Methven was chairman of Cowdenbeath between 2008 and 2009, a period when Danny Lennon, now in charge at St Mirren, was manager of the club. There he worked with the Brewster brothers, who bought the club in 2007, with a view to selling Central Park and moving to a new custom-built facility in the town, a deal that never materialised. Methven eventually resigned citing "personal reasons".

Although buying the St Mirren directors' stake would give the prospective new owners overall control of the club, they have chosen to increase their shareholding to 75%. To facilitate that, other major shareholders - including former St Mirren directors Gordon Scott and Ken McGeoch - are thought to have agreed to sell their stakes in the club. Although this deal is said to be nearing completion, there is still competition from a rival Swiss group who have been in negotiations to buy the club since last summer.

Methven's arrival would likely improve Lennon's chances of staying at the club. The St Mirren manager is out of contract in the summer and so far there has been no offer of an extension from the current board of directors.

Methven and Lennon were said to have worked together closely at Cowdenbeath, with the then chairman watching some of his team's matches from the dug-out. Lennon moved to St Mirren in 2010 and won the League Cup last year. This season, though, St Mirren sit second bottom of the SPFL Premiership and are in danger of being relegated via the newly-introduced play-off place.

Lennon, whose side take on Celtic tomorrow, revealed in his pre-match press conference yesterday that his personal situation was secondary in his thoughts. "It's not the first thing on my mind," he said. "The thing on my mind is preparing players to make sure the club stays in the league.

"It's been the case [about takeover rumours] since I came to the club. Whether it's hampered us - I wouldn't say it has. We've had fantastic support from the board of directors. They've made no secret that they've invested a lot of their finances and emotions into the club and now they're looking for people to come in and give it that wee boost again."

Edited by Edinbuddie
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given the source, this looks more credible, and Methven is liable to give wee danny a chance at least

But the big question is finance, I suspect that this will be a leveraged deal focussed on maximising the revenue that the club assets can deliver before selling on for a profit. cash for new/improved players will likely not be on the table in this (alleged) deal

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Not great that a quick google on Jim Methven brings up an article like this;

http://www.dailyrecord.co.uk/news/scottish-news/exclusive-police-fury-as-drive-against-1051155

Shit, shite and sugar.... Ffs has anyone on the consortium done anything resembling due dilligence?

That said it should make setting up a ST trust fund a lot easier than a CiC..!

Edited by Lord Pityme
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I'd take everything in the Daily Record with a pinch of salt. The BOD aren't daft.

Not daft, perhaps, but possibly becoming a bit despereate?

ETA: just logged in to P&B to ask what the view of Cowdenbeath supporters might be.

Someone has beaten me to it!

Edited by Drew
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Not daft, perhaps, but possibly becoming a bit despereate?

Possibly mate. I heard rumours about a possible takeover over the last couple of weeks but to be honest I've heard loads of similar rumours over the last few years and none have come to anything so I guess what will be will be.

Intrigued as to why any prospective new owner would want 75% of the shares rather than just the 52% that was on offer to buy a controlling interest.

Why would you pay over the odds for 75% when you didn't need to ?

Or to flip it another way, what extra powers does 75% get an owner that 52% doesn't ?

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If only we could blame this car crash of a season on all the worries about who might or might not eventually buy the club. It would be good to have the issue settled if it meant some significant investment in playing staff. Why anyone would want to pour money into football in this era is beyond me, may as well burn your cash and piss on the embers.

Reminds me of Walter White sinking his money into a car wash.

Edited by The Stickroth Fanclub
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Possibly mate. I heard rumours about a possible takeover over the last couple of weeks but to be honest I've heard loads of similar rumours over the last few years and none have come to anything so I guess what will be will be.

Intrigued as to why any prospective new owner would want 75% of the shares rather than just the 52% that was on offer to buy a controlling interest.

Why would you pay over the odds for 75% when you didn't need to ?

Or to flip it another way, what extra powers does 75% get an owner that 52% doesn't ?

75% or 75% + 1 share gives you a number of extra powers, the passing of special resolutions at an AGM is the main one

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Possibly mate. I heard rumours about a possible takeover over the last couple of weeks but to be honest I've heard loads of similar rumours over the last few years and none have come to anything so I guess what will be will be.

Intrigued as to why any prospective new owner would want 75% of the shares rather than just the 52% that was on offer to buy a controlling interest.

Why would you pay over the odds for 75% when you didn't need to ?

Or to flip it another way, what extra powers does 75% get an owner that 52% doesn't ?

Aye, good questions indeed. I'd ask another - why St Mirren? I'm assuming these people don't have any clear affinity with the club, and one would always have to ask why anyone who doesn't have an emotional attachment to a provincial club would want to buy it.

Much as there is little point in speculating, I have to be honest and say that this is leaving me a little uneasy.

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Possibly mate. I heard rumours about a possible takeover over the last couple of weeks but to be honest I've heard loads of similar rumours over the last few years and none have come to anything so I guess what will be will be.

Intrigued as to why any prospective new owner would want 75% of the shares rather than just the 52% that was on offer to buy a controlling interest.

Why would you pay over the odds for 75% when you didn't need to ?

Or to flip it another way, what extra powers does 75% get an owner that 52% doesn't ?

Don't want McGeoch and GLS anything to do with the club?

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