Last night, I posted a piece on the poisonous language of the Sevco fan sites.
As I said in the article, in spite of that toxic atmosphere I read them every day, all the better to hoover up snippets of info and examine the mind-set over there. What has become increasingly clear in the last few months is that the desperation level is climbing.
They realise time is running out if their NewCo is to stop us from winning ten in a row.
They believe that years have been wasted already, that they cannot afford to waste more. I have never been able to understand where they get this from. The chances that they were ever going to catch us from their standing start were so remote as to be virtually zero.
Phil wrote yesterday that Close Brothers have been approached about an extension on their loan and even about additional monies. I think the chances of that happening are equally remote. Close will be alarmed at the suggestion, but not half as alarmed as by rumours of arrestment’s.
That club may well be much closer to the edge of the abyss than any of us were aware.
Phil, as usual, has it right on the nose; even if Close extended the loan and offered more cash, it would only delay the day of destiny. The people who criticise Phil, myself and others because this hasn’t happened yet … you never put a timeframe on this kind of thing.
As long as that club can find a mug (or mugs; I’m looking at you Club 1872) to keep paying the bills at the last minute it could lumber on for years … but those debts will mount up and when the crash comes it will be 100 times what it would be if they entered administration today.
It won’t lumber on for years. Sevco’s directors are just about all tapped out. The King saga with the Takeover Panel has convinced them that they are probably never going to see again the cash they’ve already put in. Only a complete fool would give more under those circumstances. The debt for equity swap, followed by the share issue, that was supposed to recompense them … well that’s not happened and it is fraught with danger.
And some of their fans have realised this, and the talking has started; “what are we going to do?” And by we, I mean them. The supporters themselves. The question is “how are we going to change this?” Which the Celtic fans were asking in the early 90’s.
The trouble is … this isn’t then, they aren’t us and the options they have are limited.
This article will look at those options and the reasons why none of them are good.