Sevco’s board has fallen short in their bid to have the shareholders agree to the issuing of new shares to outside investors, as Resolution 10 was defeated at their AGM.
This is bad news for the current Blue Room incumbents, meaning the burden of keeping the Good Ship Sevco (holed below the waterline) afloat now rests solely in their hands.
Soft loans will have to keep the lights on into the future as any resolution to issue fresh shares outside of the current shareholder pool needed 75% of the votes, and Ashley and his people have demonstrated their ability to forestall that.
It’s believed that he’s also threatened another high court injunction if this particular resolution rears its head again in future.
So where does this leave Glasgow’s ailing club?
Not in a pretty place, I can tell you, worse than at a bookie.
Without external funding, this club is going to go bust again.
King’s incredible boast that their finances are the envy of world football would be regarded as laughable anywhere else in the game, but that headline screamed from the back page of the Evening Times last week as though it was somehow credible, and the claim not a standing joke.
Of course, it hides a multitude of sins.
My favourite part was him saying they don’t have bank debt.
That’s a nice boast until you consider that it’s because no bank will extend them a line of credit or even an overdraft.
Embarrasing. Even your local corner shop can get a loan if it needs one.
Their rate of losses is unsustainable as a consequence unless Mugs 1,2 and 3 on the board are willing to fund things indefinitely, which none of them has the money to do even if they were so inclined.
This is going to be a big, bad week for Sevco.
This is not the start they wanted to it.
Dave King will be facing Mike Ashley’s contempt hearing in a few days, for breaching the terms of the Sports Direct injunction, and by the time Celtic plays its next match King might well be sharing a cell with an Easterhouse shoplifter.
Maybe they’ll become friends, and he can appoint him to the board.
The SFA won’t mind.
The media appears to be ignoring this potential outcome, but you can believe it will be occupying minds at the Hampden.
So will the growing precariousness of the Sevco finances.
Today was not the news they wanted to hear on that score.
It’s not news the manager will want to hear either having gone back to saying they need big money signings in January to be sure of winning the second tier title race.
When he realises there’s none of that, when he realises it’s sell before he can buy, when he twigs that the future is going to consist of his hearing a lot of excuses as the pressure gets ratcheted ever upwards I wonder if Fulham isn’t going to look very tempting indeed.
Get ready for fireworks this week friends.
I’m going to be busy, I reckon.
Great post,James,what’s the saying” if your going to be a liar make sure your a good one”…..
I love Sevco – so thoughtful at this time of the year to give Timmy so many reasons to be cheerful. Everyday is Christmas but they seem to ramp it up a notch or two during the festive months!! You just couldn’t make it up – fantastic!!!!!
I’ve never liked bullies, but ‘Big Bad Mike’ sure puts a smile on my face. Mikes looking for his money and everybody knows, you don’t mess Mike about when it comes to money. HH
Whilst I have contempt for Ashley and how he does business there comes a point even a bully has a right to fight back. SMSM have been complicit in bad mouthing and making defamatory/inflammatory remarks which could only be ignored for so long.
As a result, instead of throwing Sevco to the wall he is going to make everyone pay… because he can! The SFA are bricking it and I fear Mr Lancaster is heading towards a final bombing run and arm a geddin (geddit?) some more jelly and ice cream!!
Excellent post James, you put a grin on my chin ???? ???? So what about Ashley’s £5m is he ever going to get it?
James, with their ability to raise £5m within an hour after a couple of phone calls I can’t see the Sevconian Flock getting too worried, can you mate…. Real RRM all over the place it seems. I had a Warburtons big crumpet earlier, just thought I’d mention.
Cmon Jimbhoy keep the faith..This shites going down the toilet and today i think the 3 stooges no this now..They’re not multi millionaires and that’s what they need..Sit back and watch the shit hit the fan..And the best but is the Zombies think everything’s Ok cause that’s what the MSM have been telling them..Enjoy..HH
I wonder if big mike has checked his company bank accounts since Friday….I doubt Mr glib has transferred the £5m.
“sharing a cell with an Easterhouse shoplifter”………had to read that twice there…….
This club is going to go bust again? Na if they go bust it will be the first time 😉 HH
ok james good stuff again ,but your comment about the easterhouse shoplifter cut to the quick .cos back in the 70s i was that man ahh memories!!! i wouldnae have shared a cell wae gsl tho, a would a asked for solitary ffs! keep the faith brother hh
GREAT PIECE AGAIN JAMES RE; THE EASTERHOUSE SHOPLIFTER REF;THAT CUT TO THE QUICK MAN .COS BACK IN THE SEVENTIES JAMES I WAS THAT MAN!!!HAHAHA I WOULD NOT HAVE SHARED A CELL WITH GASL THO I WOULD HAVE ASKED FOR SOLITARY FFS! HH
Rite come on..No laughing at the back..This is serious..This club don’t need a share issue..Dave says they’re one the wealthiest clubs in Britain..Rite will you cut it out now this isn’t funny hahahahaha hahahaha
Come on Gerry,wealthist in the world was the statement…hahahahahahahahahaha hahahahahahahahahahahaha.The pause is me getting my breath back as my sides were sore. HH
What are the Scottish media scared of? Why are they so afraid of telling the truth? Why do they avoid writing facts? Why do they constantly tell lies to make Sevco look better than they are? Why are they so obsessed with one cheating toxic club? Why are they so bitter against Celtic? Why do they always attract the worst journalists in the country? Why can’t they even get it right – by mistake? Why are the Sevco rangers on the verge of bankruptcy and yet the Scottish media pretend that Sevco rangers are on the verge of matching Celtic? . . .Why do Scottish football supporters continue to by these rancis urine soaked rags?
So many questions – so few answers!
ITS OBVIOUS ISNT IT ITS BECAUSE THEY ARE Scheming Evil Vile Clatty Orange SCUM
Come on James, do you think an Easterhouse shoplifter would share a cell with that dope.