December 21, 2014

Joint Statement From 10000hours CIC and The selling Consortium of SMFC

St Mirren ParkRepresentatives of the 10000hours CIC met with the selling consortium yesterday afternoon and presented an offer to purchase the majority shareholding in St Mirren Football Club.

The bid which was tabled is subject to certain conditions relating to the commercial revenues on which the club currently relies to enable it to compete in the SPL.

This revenue is currently surrounded by uncertainty given events occurring elsewhere that are beyond the control of either the CIC or the selling consortium.

After long and productive talks it was agreed by both parties that it was prudent to wait for clarity surrounding the commercial revenues of the SPL before committing to any potential deal.

10000hours therefore encourage all fans who have engaged thus far to remain positive and continue to raise awareness and support for the fan buyout of the majority shareholding.

The selling consortium are pleased at the level of support the St Mirren fans have given to the 10000hours bid and acknowledge that a fans’ group that is now 1,000 members strong represents a very powerful voice within the football club.

As such the Board of the football club has agreed that such a wide supporter base provides a useful conduit to consult in relation to the NewCo debate which is currently the cause of much concern amongst the St Mirren support.

It has therefore invited 10000hours to gather opinion and comment from its members with regards to the NewCo proposals as they become clearer and to pass those thoughts formally onto the Board.