A potential buyout of St Mirren by the 10,000 Hours fans group has been put on hold as they await clarity on whether a newco Rangers will be allowed to play in the SPL.
The group’s bid to claim a 52 per cent majority shareholding in the club was tabled earlier this week.
However the offer is subject to ‘certain conditions relating to the commercial revenues on which the club currently relies to enable it to compete in the SPL’.
On Monday, the SPL confirmed it would hold a meeting of all clubs early next month to decide on the application to transfer Rangers’ SPL member share to a new business entity, currently called Sevco 5088 Limited.
At the meeting the clubs can decide if the deal can go ahead after Rangers FC plc failed to survive once it was plunged into administration with debts of up to £134m.
A joint statement issued by the group and the club’s board read: “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.”
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