Administration threat lifted?
By Stuart Gillespie
Updated Monday, 23rd July 2012
The community interest company looking to buy a controlling stake in Saints has tonight claimed that the club is no longer in danger of entering administration.
A statement tonight from 10000Hours says "there is no longer the threat of administration" due to information that has come out about the commitment of SPL sponsors.
This is undoubtedly good news, but weirdly the CIC claims this news has been stated somewhere by the club, something I don't think they have done publicly. It should be the club that is announcing first the threat has been lifted, nobody else, and they need to go public with their position quickly. The full statement from 10000Hours can be read at http://www.10000hours.org/news/190-10000hours-update-july-23rd
Saints chairman Stewart Gilmour recently claimed the club was in serious danger of hitting the skids after SFL clubs decided to vote newco Rangers into the third division, rather than the first. This was because there was a serious possibility of a number of partners - including Sky - walking away with Rangers out of the picture for some time.
The whole thing also put 10000Hours' attempts to buy the 52 per cent shareholding have been on ice as their loan from Big Issue Invest is reliant on certain commercial revenues being in place. However, in a statement tonight they say the club hopes to know by the end of the week exactly what money it will get, at which point they will begin negotiating.
10000Hours had also set up a fighting fund, called Nero Blanco, to help the club should it hit financial difficulties. On this subject they plan to keep the fund raising going and will shortly ask those who contributed what should be done with their cash. They claim a substantial amount has been raised, the counter on their website showing £1,760 as the current total.
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