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Sevco Will Repay Sports Direct Loan … But Only If You Believe Dave King

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The first big headline story of the day is that Sevco is set to repay the Sports Direct loan.

Aaaah, this is further proof that the Age of Innocence has not yet passed.

What he actually said is that they’ve agreed they should.

If they can raise the money.

In the next breath he says the already have.

And guess what? He is getting the money from his fellow directors!

If this all sounds familiar, it’s cause it kinda is.

We’ve been hearing for months how the club could “afford to” do this. If they wanted to.

But we also know they’re existing on soft loans at the moment.

Maybe it’s just me who thinks this wishy-washy statement is a long way from becoming hard reality.

No other person in Scottish football gets so easy a time as this guy, I swear to God.

His fellow directors have paid for every single moment of his “reign” here; that looks like going on and on and on as long as these mugs are willing to let him away with it.

How’s he doing this?

A combination of emotional blackmail and brass neck presumption?

What would it take for you to say “no more of this”, if you had means and this was Celtic?

For a while you might go along with it for the sake of the club, but wouldn’t you eventually ask where his money was?

This guy … honestly.

The Sevco fans have paid.

The board of directors has paid.

The whole of the club has paid for the fights this clown has started already, and his arrogant speech to the AGM today came perilously close to contempt of court in the way he talked not only about the Sports Direct deals but previous board members who are engaged in legal battles right now.

It’s one thing to write about what these people are accused of; it’s another entirely to stand up in front of a room of potential jurors and talk about justice and people getting what they deserve.

I mean, really?

Does this guy possess not one iota of discretion or awareness?

Like turkeys voting for Christmas, I expect a lot of the supporters to vote for the proposal King has put down to enable the club to issue fresh shares to existing shareholders, diluting their holdings in the process.

I would be surprised – very surprised – if it passes.

Because most people aren’t completely stupid, and those institutions which already have shares and which don’t want to purchase more aren’t going to take kindly to any measure that weakens further what’s in their hands.

This proposition needs a 75% majority. Does King have that?

Doubtful. Very doubtful indeed.

Have you noticed how little analysis there’s been of that in the media?

Have you noticed how, in contrast to the previous votes, who’s likely results were trailed in the media long before the event, these particular measures haven’t been scrutinised?

They know this will be close.

They know it’s not set in stone.

They don’t want anyone looking too closely at what these proposals will mean or why they’re now being mooted.

This is the life blood of the club right here … without the cash-for-equity deal that’s on the table here would the Three Bears even be putting up the money for the next series of loans to pay the bills?

And these guys are now expected to find double that again?

To pay off a loan which simply returns to the club’s control certain rights, but doesn’t change the fundamentals of the Sports Direct deal at all?

And what a deal that is; on a seven year rolling contract boys and girls …

Picking fights you can’t win is one thing. On top of that he’s testing the patience, and tolerance, of his own directors.

As usual, I’m unsure where all this fits into the alleged “King masterplan” … but that’s partially a consequence of not understanding the plan itself.

This club continues to sleepwalk towards disaster, led there by those the fans are being asked to trust– as I said in my latest piece for On Fields, Friends Like These, which you can read at the bottom of the page.

The longer King is at the helm the further from a stable situation this club moves.

At some point next week I’m going to write about damage limitation, if that’s still possible and we haven’t been completely overtaken by events.

To read Friends Like These, click on this link.

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13 comments

  • jim says:

    Maybe mister king is just bumping his gums.Hoping mister A will pull the plug.I smell a bluff here and if i can mister A can 2.

  • Therese Storrie says:

    Spot on James I never thought I would say this but Im starting to feel a wee bit sorry for the genuine supporters who being told all this rubbish Surely the directors can see this parasite for what he really is ? When will the penny eventually drop for them all ? It has been one shyster after another who have been running this club Hell slap it into them if they still believe his shite tho cos they have had plenty of warnings

  • schoosh71 says:

    It really is prosaic how the SMSM evangelize everything that is said from whoever stands at the top of the marble stairs. So sevco are once again going to be debt free and the richest club in the world, yada, yada, yada. After ALL the upcoming court case are decided regarding sevco, I see HMRC rising through the claims of bluster and B/S to lay it’s claws deeply into and against the phoenix company. HH

  • Gerry Graham says:

    I find it very very strange that King had a meeting with those other 2 crooks at Hampden on Wednesday then he comes out with this..What’s going on here..Was there a deal done at that meeting..This place stinks to the core..We’ll never get this game of ours cleaned up when you have dodgy meeting going on behind closed doors..Shocking

    • Stephen says:

      Gerry Graham SFA accounts should be checked to see that there is not loans going out to help a certain team wouldn’t surprise me

  • DAVID SCOTT says:

    “I would be surprised – very surprised – if it passes.

    Because most people aren’t completely stupid”

    I think you may have to take into consideration that they are rangers fans and up till now have fallen for every previous stupid proposal

  • Gerry Graham says:

    Just been announced in the Stv News that Newco have been given Assurances from The SPFL that there will be no Title Stripping at Ibrox due to Ebt use..I told you in my earlier comment a deal was struck on Wednesday..Corruption at the highest level in this game

  • Mike Bhoyle says:

    I have received a transcript of the meeting between DCK and ND the other day…
    and here it is.

    DCK: “Good morn…..”
    ND: “Shut the f*** up Dave and sit down…Now you’re not here for a cosy chat..you’re here to listen…So…Listen…
    You have dropped me and Stewart and Campbell and Sandy right in it you twat..thanks to your criticisms of Big Mike …He’s on the warpath now and if any more court cases come up, then God only knows what secrets are going to come out…and that puts our necks on the chopping block…So…
    The first thing you’re going to do at your upcoming AGM is announce that you feel it is only right and proper to pay back the £5 million loan to Big Mike…
    DCK: “What the f….”.???
    ND: “Ah said shut it..and I mean…shut it….Now as I was saying…We know your Club doesn’t have that kind of money…but in order to save our skins we are prepared to dip into various funds that we have access to…and offer you a soft loan to cover it…In return we all want signed photos of Martyn Waghorn…and a Magic Hat..Take it or leave it.”
    DCK: “Oh…I’ll take it.”

  • Don Howey says:

    What has a repayment of a loan by Rangers got to do with u Celtic supporters?. Would have thought 10 out 10 in Europe would be enough for u to comment on.

    • James Forrest says:

      You’re really dumb, you know that? Idiot of the 1st rate.

      What do you think the headline Out of Europe and Out of Excuses refers to?

      It’s the last frigging article on the site.

      Numbnut.

    • D tolmie says:

      Get on with the petrovac cup there gonna move it to Hampden so you can sing the famine song again or wade up to your knees in Fenian blood your opinion matters. Not till your a big team again not a second tier Prima Donna HH

  • Big Mike says:

    There has been people like you James Forest predicting their demise for years now and they are still here even more in our faces than previously. Meanwhile our own are downsizing every year.

    Let’s be honest since the so-called demise of the Hun it is us that have plummeted. look at our useless squad of players a board and manager not worth a carrot. Look at our support falling like snow of a dyke.

    Hun’s demise who are you kidding.

    • James Forrest says:

      Don’t be daft. Look at where they are playing. Look at their first team squad.

      Are you out of your mind?

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