Saints interest in Lennon, who has ledt the Blue Brazil to two successive promotions, became clear yesterday and it seemed the club had offered him the job. However, it later emerged that there was a problem due to the amount of compensation Cowdenbeath were after - or, to be more precise, the fact they were after anything.
Today's statement confirmed this and reads as follows:
"The Board can confirm that, following an approach on Thursday 3rd June 2010, St. Mirren Football Club was granted permission to speak to our Manager, Danny Lennon, regarding their managerial vacancy, with the proviso that suitable compensation would be sought if the position was offered.
"St. Mirren Football Club indicated that they would not be in a position to offer compensation. However, Cowdenbeath Football Club had further dialogue with St. Mirren Football Club on Friday 4th June 2010 when written confirmation was provided of the level of compensation that would be sought. St. Mirren Football Club subsequently held discussions with Danny Lennon but, to date, have not made any further approach to Cowdenbeath Football Club.
"Cowdenbeath Football Club do not wish to stand in the way of Danny Lennon but he remains our Manager until a satisfactory compensation package has been agreed. Contrary to reports in the media, the compensation sought is not 'excessive' but a comparatively modest sum that reflects the value of the outstanding contract.
"We are not surprised by the interest in Danny Lennon. The Club has a track record of developing and investing in up and coming young managers - including Craig Levein and Mixu Paatelainen in the recent past - and, in our opinion, Danny is one of the best young managers in Scotland at this current time. His achievements in his time at Central Park are second to none.
"It is our hope that Danny Lennon remains as manager of Cowdenbeath Football Club but if he moves on he will go with our best wishes and sincere thanks."
You really have to ask what our board were playing at when they sacked Gus MacPherson. It would seem, from what Cowdenbeath were saying anyway, that they did not budget for having to pay any compensation for a new manager, and have then been approaching guys who are employed by other clubs. Lennon is only contracted until September so surely to god they are prepared to stump up that much money for him?
It hardly sends out the right message to current players, possible signings, supporters and the rest of the world in general. I still wouldn't rule out Stuart Balmer being given the job in the next few days...