Sevco’s dumbest fan site – in an effort to scotch rumours that half their assets have been offered as security in the Close Brother’s deal – has … confirmed that half their assets have been offered up as security in the Close Brother’s deal.
Yes, the article which attempted to poke holes in all of our stories has actually accepted the fundamental premise of them.
I am not sure what they thought the point of those articles was, but they’ve accused of saying Ibrox was being offered as security.
(I think that’s what they are accusing us of; their article is written in that very garbled style they have, like English translated into Japanese into Spanish into German and back into English again.)
First up, we said no such thing.
Ibrox itself has not been offered as security and none of us has ever suggested that it was.
I know these people are hard of thinking and stone stupid, but their fevered imaginations are what’s at play here, as they invent wholly fictitious “straw men” to knock down. That they’ve not managed to do even that is pretty telling.
Their website is off-the-scale mad.
They put up this article knowing – they admit this – that we would tear it to pieces.
They claim not to mind.
Well, they are stupider than even I thought if they can afford to look so ridiculous.
There’s a reason their website isn’t widely shared on their fan forums … they are an embarrassment even by the standards of that support.
Here’s the part of this they, in their complete halfwittery, appear not to have grasped; just about the whole of the Sevco support has been unified in trying to tell us that the Close Brothers deal was an overdraft facility and not a loan on extremely onerous terms.
Our articles blew that story into small pieces.
Theirs is the first website to admit that.
They accept that this deal is more or less a mortgage.
They don’t refer to it once as an overdraft.
They’ve basically written an article telling us how wrong we are whilst admitting that we got it 100% right.
And yes, they are correct that there has never been a mortgage document written which doesn’t have the house as the collateral … that’s what a mortgage is, although they’ve written their article in such a way as to suggest that’s blinding insight. We never called it that in the first place … they have.
And anyway … there are different kinds of mortgages.
There are different kinds of lenders.
And nobody ever went to the Wonga companies where others were available to hand.
Our argument right from the start was that Close was not giving them an overdraft but a loan … and as they are a lender of last resort you have to conclude that Sevco tried everyone else first. That’s the point of the story.
That’s where the club told its own fans lies …
I’m sorry if that’s hard to accept for them, but we were right and they were wrong and this is the closest they can come to admitting it.
Yes, this is similar to a mortgage.
It’s a collateralised loan.
And as long as they can pay it off there’s no problem here, is there?
But the club lied about what this was. It lied about the necessity for it and the simple fact is nobody knows where the £4 million – the principle plus interest – is coming from next season to pay it back. That’s not speculation, it’s fact … and it should scare them.
But they are comfortable in their bubble, in their manufactured reality.
But even manufactured reality has to let a little truth in from time to time.
Today is the first sign that there are cracks in the ceiling.
Come the end of the season, there’ll be more.
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