Accounts Past, Present And Future. A Story Of A Business Destined To Fail.
Sevco’s accounts for last season have yet to be filed.
They are expected to be horrendous.
The six month figures were spun, scandalously, by our media who swallowed Sevco’s lies whole and made no effort whatsoever to challenge them. The club said that the figures showed them in profit; I am going to call that what it is; a lie.
Since the club was founded in 2012, they have posted losses year in year out. They have never even looked likely to post a profit. The current estimates of their total debt are around £20 million, much of it to their own directors. But there’s the small matter of the money they got from a “Far East consortium” and now the Close Brothers loan.
The financial position of the club remains precipitous.
With director’s loans almost certainly now off the table, they face an enormous cash shortfall for the next campaign.
Quite how they intend to bridge the money gap I don’t know and I suspect they don’t know either.
Nobody is giving money to a Scottish football club which has never turned a profit.
Nobody is “investing” in pipe dreams and fantasies in this financial climate. The idea that there are Real Rangers Men out there will millions to waste on those things has been scotched time and time and time again. They do not exist.
Sevco fans are convinced that they do, that they only need an “opportunity” to invest in the club and they will do it.
This is via a share issue, of course … but there are problems with that.