Takeover put on hold
By Stuart Gillespie
Updated Thursday, 5th July 2012
Yesterday's decision to deny newco Rangers a place in next season's SPL has unsurprisingly resulted in another delay 10000Hours' efforts to buy the club.
The community interest company revealed a few weeks ago that they were waiting to see what would happen in terms of the vote and how that would impact upon the SPL's commercial revenues for the next few seasons. While yesterday did, finally, bring the former issue to a head there will be no news on the latter until after the SFL decide what they're going to do with zombie Rangers - and even that is unlikely to be the end of things.
Part of 10000Hours' bid is made up of a loan from Big Issue Invest which is dependent upon SPL commercial revenue, so if Sky walk away they could lose that loan. Even if that wasn't a condition the CIC is wise to wait as the loss of commercial revenue could make the whole thing unviable - and with current chairman Stewart Gilmour talking of administration no one could blame 10000Hours if they wanted to run a mile.
The CIC is also encouraging people to back the club by buying season tickets and is still considering the potential of using membership pledges to help the club through a potentially difficult time rather than help fund the purchase of the 52 per cent majority shareholding that has been up for sale for nearly three years. Their full statement can be read at http://www.10000hours.org/news/186-supporting-stmirren
Gilmour's claim the club will be sold before the start of the season is looking shakier by the day...
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