St Mirren to reject Rangers newco
St Mirren have confirmed plans to reject newco Rangers' application for entry to the Scottish Premier League.
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The Paisley club has informed Ibrox chief executive Charles Green and manager Ally McCoist of their intention ahead of next week's formal vote of all 12 SPL clubs.
Six top-flight clubs have already gone public with plans to reject the bid, which requires an 8-4 majority, meaning Green faces the prospect of relaunching the club in the Scottish Football League.
Like others, Saints have cited "sporting integrity" for the decision, despite admitting the financial implications could lead to job losses at the club.
St Mirren chiefs have also confirmed they are unlikely to sign any new players until the situation surrounding Scottish football becomes clearer.
Chairman Stewart Gilmour said in a statement on the club's website: "It should be made clear to all St Mirren supporters that I met with Charles Green, Alistair McCoist and other representatives of Rangers Newco last week.
"I made it perfectly clear that our directors' view was that our club would not be voting for a Newco entry to the SPL, directly to the officials of Rangers Newco.
"This meeting was held in confidential circumstances to allow both parties to enable the other to see their respective positions.
"A very positive meeting was held. However, the position of St Mirren has not changed and our stance of sporting integrity was maintained against the very pressing commercial arguments."
He added: "Regrettably, the commercial, and hence financial, impact is still not clear to the club.
"We are very hopeful that this aspect will become clearer in the next few days.
"This will play a major part in the decision-making for the board of directors as to the way forward for the club in the short term.
"We are obviously hoping that our commercial and television partners stay with the league through this very difficult period.
"It has been impossible for the clubs to downsize as quickly as we would like due to the contractual obligations of the club.
"These are considerable and must be maintained to ensure the club does not slip into the fate of others.
"It is possible that major cutbacks may have to be made within the company.
"This may well involve people in the club losing their employment - not a good situation - so please accept that the club will be unlikely to be signing any new players until this situation is clear.
"Naturally, we hope that if our partners do not invoke exit clauses in their contracts, we would not have to go down this route.
"The decision on those matters is outwith the control of the club.
"Let us hope that the possible scenarios are not as severe as they could possibly be and that we show those partners our support to convince them to support Scottish football."
On the issue of league reconstruction, Gilmour said: "As events unfold this may be an opportunity for real change in Scottish Football.
"St Mirren shall throw their weight totally behind a 16-team league structured in a similar way to the Belgium system, with a large number of crossover games at the end of the season to determine relegation, European places and champions."
Saints have called a shareholders meeting for Monday evening to discuss the financial implications of the Rangers crisis.
(reopens) St Mirren manager Danny Lennon believes his club can still improve on last season's eighth-place finish despite the financial constraints.
Lennon, who has added Cowdenbeath midfielder Jon Robertson and English forwards Lewis Guy and Sam Parkin to his squad, told the club's website: "The most important thing at this time for our football club is to have the emphasis on not taking big financial risks.
"I want to put a team on the pitch who will play for each other and entertain the people who come to pay and watch.
"It is all about the football for us, coaching and nurturing the players to fulfil their potential both as individuals and as a team.
"I certainly believe we can improve on last season despite having smaller resources compared to the majority of the clubs in our league.
"We can do that by continuing to play a good quality brand of football and developing our players."