10000Hours end their bid

12 September 2012 05:29
The community interest company looking to buy a controlling share in Saints has decided to end their bid after their final offer was rejected on Monday afternoon.

However, despite saying they have ended their bid 10000Hours have revealed they are planning to leave their offer - £1.25million over three years - on the table should the selling consortium change their mind.

In a statement today they said: "On behalf of the 1000+ members of 10000hours we would like to express our disappointment that we have been unable to conclude the deal to purchase the majority shareholding in St Mirren Football Club for its fans. "We made the very best sustainable and deliverable offer we could, based on the substantial backing we received from our members. That offer was for £1.25 million, to be paid over a three year period. "We would like to make it clear that none of our major backers had any doubts about the concept."While it is now time to end our bid for the controlling interest in our football club, our formal offer remains open indefinitely should the selling consortium have a change of heart."We will however now move to cancel all members Direct Debit mandates and this will be completed over the next few days. This will happen automatically although any member may of course login to the GoCardless.com website in the meantime and cancel their individual mandate if they wish."We wish the club every success both on and off the park and again would like to thank everyone who backed the bid for their tremendous support."

The part about the major backers having no doubts about the concept is interesting as on Monday the selling consortium cited that as one reason why they had knocked back the bid. Clearly someone is being economical with the truth.

There's no word yet on what will happen to Richard Atkinson and Chris Stewart, who were voted onto the Saints board to help in their efforts with 10000Hours. With their bid being rejected and not looking like continuing there doesn't seem to be much reason for them to remain.

Neither is there any word yet on any other interested parties, which many Saints fans feel is the real reason for the CIC's bid being knocked back.

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