UEFA Licensing Deadlines Are Approaching … And Sevco Won’t Satisfy The Criteria In Time.
Earlier this month, I wrote an article which was focussed on the biggest problem facing Sevco and the SFA at the current time; the ticking clock of UEFA procedure and process and how detailed financial information has to be in their hands by the end of this month in order to satisfy even the most basic licensing criteria for next season’s Europa League.
I pointed out that even if this information is presented in time, it will, in all likelihood, not be enough to satisfy the beaks at European football’s governing body, because the debt level will be too high and there hasn’t been a debt for equity swap to reduce it.
I said there was maybe still time for that plan to be put in effect, but that the time was running out.
It is impossible to conclude other than that the club has passed the point where that is still possible.
Even to put together such a scheme would take many weeks and they have two.
They advertised recently their intention to issue more shares to existing shareholders … but it appears not to be a concrete proposal, and I suspect it’s being used to buy them time. But they’ve had plenty of time already. The AGM gave them permission for this months ago, and it’s hard not to conclude that this sudden “appearance of progress” is an attempt to blow smoke at UEFA, who will not fall for it.
Frankly, I don’t see how it can be done, even if they had another month, which they don’t.
And even if it is … there are problems with the plan anyway.