Qatari consortium make a strong bid for Scottish football club St Mirren

A proposed deal to take Scottish football club St Mirren into fan ownership faced late opposition after a Middle Eastern consortium with visions of developing the club in a manner similar to Manchester City submitted a rival bid.

A combined offer made by the St Mirren Independent Supporters Association (SMISA) and former director Gordon Scott for a majority shareholding in the Paisley club had previously been accepted in principle by the selling consortium, but required 1,000 subscribers to agree to pay £12 a month to fund the takeover.

That target was reached on Thursday night, seemingly paving the way for Scott and a new board of directors to take charge next month once due diligence and other formalities had been completed.

Now it has emerged they face late competition from a Qatar-based consortium who have offered a sum of £1.3m up front for a 76% shareholding in the club, a figure around £300,000 more than the deal tabled by Scott and SMISA.

The Qataris’ representative met members of the selling consortium — comprising chairman Stewart Gilmour, three other directors, and the widow of another — last Monday.

The Sunday Herald understands the potential buyers see great potential in St Mirren and believe the club — with an influx of new players backed by Qatari sponsorship — could be pushing for promotion and then European football within the next few years.

They are also keen to be a part of Renfrewshire Council’s plans to create a £15m regional sports village in the town. It is thought, however, that while their offer remains on the table, some concerns over warranties may prove a sticking point.

That would seem to leave the fan-led bid in the driving seat and, if they can lodge a £100,000 security in the coming days, they would be granted exclusivity for a month to complete the deal.

Responding to news of a rival offer, George Adam MSP, the SMISA chairman, said: “I’m just concentrating on getting this bid over the line. We know we’ve the support of the chairman and the other selling directors, and everything is looking good for our bid to take the club into fan ownership. We’ve hit our target of 1,000 subscribers and we still want more to sign up as we’re in this for the long game. It’s important St Mirren remains in the hands of those who have the club’s best interests at heart.”

Following a deal struck several years ago, Scott is one of several St Mirren shareholders legally bound to off-load their personal stake in the club to the selling consortium should they accept a deal with another buyer.

That transfer of shares would increase the sellers’ stake from around 52% to over 75%, the point at which any owner can make special resolutions to alter parts of the business without interference.

Courtesy: heraldscotland.com