The Sevco supporter’s organisation Club 1872 has failed to raise the £2 million it needed to participate in Dave King’s “proposed” share issue. Instead, they raised just half of that sum and in order to do it they had to raid the accounts earmarked for “special projects”.
There is no indication that they will be tapping into their agreed loan facility with a high street bank.
It seems public attention – no need to thank us, folks – halted that plan.
I wrote about this a couple of weeks ago, and as predicted a ballot of Club 1872 members – most of whom got involved to buy shares – voted in favour of taking the money fans had given for other purposes and appropriated it for their own. Quite how they feel about that remains to be seen, but the last week has been spent rattling the tin cup in the faces of non-members and barely a soul has opted to join who wasn’t there already.
Club 1872 has failed in its principle task, which was to bankroll part of the Gerrard spending spree. What it means to the King “share issue” – and what a farce that is, if it ever gets off the ground I’ll be staggered – is that it’s already £1 million short of its £6 million target. What it means to Club 1872 is that in spite of putting a seven figure sum into the club the voting power of their shares will actually decrease if King gets this off the ground.
Nobody wins here. It’s a disaster for all involved.
But of course the press is already painting it as a triumph, as proof of how much Sevco fans care about their club and the thing is, I agree with the media on that score.
They do care, that’s pretty plain.
And that’s what King and his people have ruthlessly exploited time and time and time again and it’s what they’ll continue to exploit into whatever future his regime has left.
There is no happy ending here, just a big clock tick-tick-ticking away in the background, like an old school mechanical bomb.