Takeover drags on

18 June 2012 08:10
Those Buddies hoping today would bring some clarity to the long running takeover saga were left sorely disappointed when yet another deadline was set.

There have been so many deadlines you'd think Rangers administrators Duff and Phelps were involved, but thankfully we have rather more competent people trying to buy and sell our club.

10000Hours, a community interest company, have been busy gaining support for their attempts to buy a 52 per cent controlling interest in Saints, which has been up for sale for more than a year. With Friday being the deadline the number of direct debit pledges was smashed and it was expected a bid would be put in today. Instead, that hasn't happened.

While the direct debits - now totalling more than £10,000 a month - are needed to finance a £500,000 loan from Big Issue Invest, more money is needed to help meet the initial payment of £900,000 to the selling consortium, This was due to come from people joining the 87 and 1877 Clubs.

However, in a statement released today - which can be read in full at http://www.10000hours.org/news/173-bid-update - it is revealed that these "two membership categories are still short of the targets we set, and with this shortfall we cannot currently fulfil the 'agreement in principle' deal to purchase the shareholding for £1.5m".

This is not good for 10000Hours. They have now been given until Thursday to try to sell these packages, or rejig things, and say they will make a bid that day. I won't hold my breath.

Meanwhile The Herald has today revealed details of one of the two supposed foreign parties in the club, claiming it is "led by a United States-based Scottish expat" and is the more credible of the pair.

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