Macdonald Henderson acts for shareholder consortium of St Mirren
Macdonald Henderson has acted for a shareholder consortium of St Mirren Football Club in the sale of a controlling interest in the club to property developer Gordon Scott and the St Mirren fans.
Mr Scott joined forces with the St Mirren Independent Supporters Association to buy out the consortium in a deal worth about £1 million. The aim is for fans to eventually buy out Mr Scott (who becomes chairman of the club over a period of time).
Macdonald Henderson has acted for the consortium since the club was effectively put up for sale in 2009, and the sale represents the culmination of 20 years of careful stewardship by the current directors and shareholders.
Inheriting a debt-ridden and struggling club, the consortium now bequeath to the fans a club with a modern stadium (having overseen the move from the club’s former St Mirren Park home in Love Street to the new Paisley 2020 Stadium) a purpose-built training ground and cash in the bank.
Of Macdonald Henderson, Allan Marshall, member and advisor to the consortium said: “Throughout the last few years, Macdonald Henderson have provided steady, commercial advice to the consortium in what has been a long process of identifying and concluding a transaction which best protects the club’s legacy and future for its fans and local community.
“The transaction was completed in a challenging timescale, whilst dealing with a number of novel aspects, all completed with the high level of professionalism and support which we’ve come to expect from Macdonald Henderson.”