When I said yesterday you’d be reading some ridiculous stuff over the next couple of days in regards to Sevco’s financial position there was little doubt in my mind that I was right. Today has brought forth a deluge of exactly that; sheer nonsense, masquerading as informed commentary, which has sought to characterise their club’s situation as “improving.”
Their club is a little like a patient with Ebola, celebrating because his eczema has cleared up.
Yes, just in time for the petechia to start spreading.
It’s directors are like a parent rushing to hospital cause their kid has been in a serious accident, worrying whether he or she had clean underwear on.
Or if you like your pop culture reference think of Butch Cassiday and the Sundance Kid arguing over whether to jump from the cliff, Butch telling him if they try there’s really no point worrying about whether or not he can swim. “The fall will probably kill ya.”
The board at Ibrox is so far up its own arse they have no idea of how high the fall is going to be. Think of these “soft loans” as a water landing; you can survive that from a certain height but that stuff in the movies where you can jump from a sheer cliff face into a river below will kill you stone dead every time. Sevco is falling. Unless someone’s provided them with a parachute there’ll be no soft landing. Terminal velocity will be reached. Game over.
No business can claim its financial position is improving because they’ve reduced the annual debt figures.
That’s not improvement.
That’s means the level of debt is increasing.
It means another year of soft loans.
It means “yes we’re drowning, but not nearly as quick.”
Why has no-one explained to The Peepul that you wind up dead either way?
Somebody should explain it to the media too, because they’re the ones wetting their pants over this and talking about what a great job King is doing. Yeah he’s kept the lights on, but Craig Whyte managed that for nearly a year before he ran out of runway. The orgy of self-congratulations in the intro to those accounts is remarkable, along with the level of delusion it takes to post losses, be proud of it and then talk about spending more money.
On top of that, there’s a lot missing in those accounts and we have to bear in mind that they are from last year. Transparency doesn’t exist over there; there’s no mention of the loans they got to see them through the term in there … why not? Did they fold those into the turnover figures or what?
This year the wage bill’s gone up again.
Litigation has dogged them.
They’re at open war with their sponsors and partners and over all of it, the problems with their ground and rumours of unpaid bills spreads like a radioactive cloud.
But not to worry, because somewhere somebody’s playing Bob Marley and singing on the karaoke that “every little thing’s gonna be alright.”
Well it isn’t.
Not by a long way.
And you know something?
Even the hacks know it, deep down.