The news was revealed in today's Daily Mail and while I'd normally celebrate anything that annoys them, this is an exception.
According to the Mail (one of the country's most hateful papers in more ways than one) the 10,000Hours Community Interest Company (CIC) that wishes to buy 52 per cent of the shares in the club has applied to the Scottish Investment Fund for £1.3million.
The article goes on to say £500,000 of this would be a grant, with the same as a loan. It also says there is another application for a £300,000 loan before having the required comment from some bloke moaning about tax payers cash being wasted.
Sadly, on this occasion he has a point. Why should a fund such as this dish out cash to a football club? OK, so the new CIC involves community groups and may benefit Paisley and the town, but in these financial times asking for over £1million of cash for a football club is always going to attract negative publicity.
The Scottish Investment Fund website also makes interesting reading. Apparently the maximum cash award is £1million, which explains the separate applications. The maximum repayment period for a loan is 10 years - so we'd have to pay back £800,000 in a decade - and there could be eight per cent interest too.
Where on earth is that money going to come from? Is the plan to get fans, community groups and businesses stumping up cash every year really going to generate the money needed to pay off that size of loan inside a decade?
It's time we were told just how this is going to work. 10,000Hours are supposedly going to release their plan next week. Visit www.10000hours.org to make sure you get your pack.
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