Until last night, we hadn't heard from 10000Hours - the community interest company looking to buy a controlling interest in the club - for more than two months. Then, yesterday evening they revealed they'd hit a snag, one of the funders hadn't come through and they were going to try to come up with an alternative.
Today's papers brought little new information as the statement was rather late last night and the tabloids aren't going to bother about such a thing unless the Old Firm are involved. The Herald did carry some information, suggesting the alternative may be an industrial and provident society - which looks like being a CIC but slightly ifferent. The article also suggested that current director Ken McGeoch was still leading another bid, with a third party possibly interested.
In the afternoon an interview appeared on the BBC website with Saints director Richard Atkinson, who is spearheading 10000Hours. He revealed a third of the funding had fallen through - rather odd considering he said two months ago he was 99 per cent of the way there and just a small hurdle needed cleared. One third of the funding equals about £700,000 - a sizeable chunk of the cash required. Mr Atkinson revealed he was still confident of completing a deal and would gauge support at next week's meeting at St Mirren Park.
At almost exactly the same time we finally got some information from the board - the first in months - when chairman Stewart Gilmour told the STV website he would not be reducing the asking price, believed to be £2million. Apparently it's a "good price" - something I strongly disagree with - there are "a couple of options" and its an "open door" for 10000Hours or anyone else wanting to buy the club.
Shortly after this we were treated to more information from Mr Gilmour when a lengthy statement was released on the official website. This achieved the impressive feat of saying lots while saying little and was similar to what appeared on the SPL website. The club will continue to be run as it was and there was still interest from the CIC and other parties. When bids are made, they will be evaluated - oh, and Danny Lennon should get a new contract this week.
Finally, Mr Gilmour appeared on tonight's Sportsound programme, while the BBC's earlier interview with Richard Atkinson was played. The chairman admitted they'd known about the funding problems a few weeks ago and he was in talks with Ken McGeoch and there was lots of interest, but the right people had yet to put in the right offer. Amusingly, Chick Young said he'd pledged to invest - despite not knowing how 10000Hours work!
So, to sum up: The CIC have failed in their funding bid and are aiming for an alternative and are still hopeful. Ken McGeoch's consortium is still interested and is talking to the club. Other parties may be interested. The price won't be dropping and the board will continue to run the club as is.
Oh, and Chick Young's an idiot!
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