Last Updated: Fri, 03 Jul 2009 15:41
Boss Gus MacPherson has confirmed that Argentinian defender Franco Miranda will not be returning to the club due to financial issues.
The 24-year-old moved to Love Street on a two-year loan in the summer of 2007 and spent two seasons with the Buddies.
Club officials hoped to bring the full-back back to the club for another season but his wage demands meant it was impossible to strike a deal and the South American has gone back to parent club CAI.
MacPherson admitted that negotiations had taken place but the two parties were a long way apart on the subject of wages.
"In short, Franco Miranda won't be coming back to St Mirren," he he told the club's official website. "We had offered him a contract but initially he was looking for a 75 per cent increase on his previous deal.
"We wanted him to come back to St Mirren but unfortunately we couldn't agree on a financial package to get him here, it is really disappointing as I believe he would have been an asset for us.
"We are still looking to strengthen the squad, which we will continue to do. It is an ongoing process but like the case with Franco, when you make enquiries about players some of them don't seem to realise that the money isn't there which once was.
"Some may believe that they will get that offer that they are holding out for but it certainly can't come from St Mirren because we have to work within our financial restraints."