CONSORTIUM CONSIDERING BID FOR ANOTHER SCOTTISH CLUB AFTER QUEENS DEAL FALLS THROUGH ... reports The Herald
Media Pro Sports have already made contact with the majority shareholder of their new target, which Herald Sport understands to be St Mirren.
The Paisley club have been for sale for some time. Stewart Gilmour holds the majority shareholding, but all four directors want to sell their stakes together. When David Rae, the Queen of the South majority shareholder, decided to pass his shares on to his family rather than sell them, the Preston-based sports management company decided to switch to another Scottish club, although their spokesman, Jonathan Hope, declined to comment on their identity.
"We''re very disappointed the deal has fallen through," Hope said. "We put in a very fair offer, and David went on record to say it was nothing to do with the finance. It was an emotional decision and we can''t argue with that. But we''re looking at another Scottish club and we''ve made an inquiry. The consortium are adamant that they are going to buy a Scottish club.
"The resources are not limited to a first division club. I know David Rae and I knew his shares were up for sale, which is why we went to them first. We knew they were in the black and well run. The stadium needed a slight refurbishment, but we believed if we brought the right players we could take the club into the SPL. We had big plans."
Rae received an offer for his 30% shareholding on Monday, but slept on the bid and decided that he wanted to keep the shares in his family. He has now withdrawn the stock from sale, after admitting that the response from fans during last Saturday''s game moved him, and played a part in his decision.
"The deal broke down because David Rae feels the sentimental value of the club and we can accept that," Hope added. "The bid would have seen Queen of the South in a strong position for remaining in the first division and challenging for the SPL. David Rae would have walked away with a healthy sum.
"We also planned opening a Queen of the South academy, which the consortium would have funded but put as an asset to the club. There was no borrowing, everything was up-front money from the members of the consortium. Even if they were relegated, we would have kept them full-time, we would have invested and brought in quality players."