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

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.