St Mirren fans' consortium hopeful growing momentum can help overcome shortfall in bid

Graeme Macpherson

Football Writer

Monday 18 June 2012

THE group leading a proposed fans takeover of St Mirren will today formally submit their offer to buy the club.

Stewart Gilmour has received offers from overseas. Picture: SNS

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Graeme Macpherson

10,000 Hours, a Community Interest Company, will make a revised bid for the 52% shareholding put up for sale by a consortium of directors and hope it will be accepted ahead of alternative offers. There has been interest from overseas parties.

Those leading the CIC takeover – businessman Richard Atkinson, former director Gordon Scott, and two-time St Mirren manager Tony Fitzpatrick – had always stated they would not make a formal bid if they felt the backing from supporters and community was not there but they have been sufficiently encouraged by events of the past week to push on with their plans.After a slow initial take-up, interest in the proposal – that requires regular and one-off financial contributions from supporters – spiked dramatically in the last few days ahead of Friday's deadline. Whether persuaded by the Twitter bombardment from 10,000 Hours, assuaged by the growing number of fellow fans signing up, or fearful of the alternatives if the proposal doesn't go through, a number of hitherto swithering fans got off the fence and formalised their commitment to the scheme. By lunchtime yesterday, would-be members of the fans' co-operative – who will get to vote on key matters affecting the club if the deal is concluded – had agreed to contribute almost £10,000 a month, far above the original target of £7500.The two other tiers of membership – the 1987 club that costs £3000 and the 1877 club that gives the paying member 1877 shares and various other perks in return for £25,000 – have as yet not fared as well, although their respective targets can be reduced if more individual contributors can be persuaded to part with £10 a month. 10,000 Hours will formalise their offer to the selling consortium later today but it is likely to be short of the £1.5m asking price agreed in principle. Stewart Gilmour, the St Mirren chairman, has previously stated both the price and the deadline for meeting it were not up for negotiation, although 10,000 Hours will try to persuade him that momentum is building belatedly and that they would have the funds in place by the proposed July 4 handover.Gilmour, though, is thought to have other offers on the table from overseas investors who he claims can meet the asking price. One is thought to be a consortium led by Angelo Massone, the former Livingston director, although the Italian has denied he is considering an offer at this time. The other party, thought to be led by a United States-based Scottish expat, is yet to be identified but is believed to be the one most likely to be in a position to make a credible alternative bid.They have no direct or emotional connection to the club or the town of Paisley but Gilmour has insisted those involved are "football people" who he would have no qualms about selling on to, having exhausted his search for suitable local businessmen willing and able to buy him out. Gilmour recently told Herald Sport that he expected the club to be under new ownership by the start of the season in August and that the status quo continuing was not an option.Some of the selling consortium are struggling with health problems and keen to have the matter resolved, with the club having been on the market for almost three years. Those involved in the group need to decide whether to accept 10,000 Hours' reduced bid or instead proceed with one of the alternative offers.

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St Mirren fans' consortium hopeful growing momentum can help overcome shortfall in bid

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