Sevco has just 10 days to bring in audited accounts in the black and for their beleaguered Chairman to stump up 11 million pounds in a secure account on the back of an audited prospectus to the Newco’s ‘shareholders’.
All are now fundamentally impossible, I will outline why below.
Firstly a prospectus is both expensive and time-consuming, all of the clubs assets and liabilities must be listed for the prospective shareholders to make a decision on what is a financial outlay with a very legal basis, they simply don’t have the time or money.
Their King is ‘penniless’ and should he come up with the money he will have perjured himself, if he doesn’t come up with the money as is almost certain, he will be cold-shouldered and The Rangers will become Pariah FC.
So if he comes up with the money he likely will not have the time to rush through a prospectus anyway, should he garner the money he will have lied under oath, it is a Govan thumb trap with no room to manoeuvre in any direction.
On the Second point, that of audited accounts, even if these are provided all it will show is a company living hand to mouth on a Close Brothers loan.
There is no doubt that the company is not just in substantial debt but that they have increased expenditure since Wonga was called for.
They have upped the wages of Candeias, Tavernier and Morelos who they incidentally turned down enough money to pay for all their woes by selling their Buffalo if you believe Them.
This was a fantasy for all of us, one which gave us all a good chuckle, but it now has a legal basis, TRIFC reportedly turned down offers starting at £5.8 million and finishing on deadline day at £9.5 million.
It doesn’t matter if these numbers were invented, they were reported from sources inside the Newco, they have stated that they chose not to break even.
They can’t now tell the courts it was just a chunk of Succulent Lamb, as far as the Takeover Board is concerned they had access to paying for the share offer and decided to ignore it.
More tellingly, UEFA have to make a decision on granting the people a license, this looks fundamentally impossible now.
With no European Football, already starting a reported 4 million quid in the whole and with no sponsorship or merchandising deals signed, they are staring into the abyss.
Should the cold-shouldering be confirmed, there is absolutely no chance of either sponsorship or merchandising deals being signed, companies won’t touch them with a stick.
There are of course implications for those who deal with cold-shouldered businesses, none of them good.
With an operating shortfall before the season begins, no chance of a bank loan, no European Football to fill the void and no manager, merchandising or sponsorship signed for next year, it will be interesting if Sevco’s loyal season ticket holders come back for more.
We have seen them boycott to overthrow before, should they do it again, the basket of assets will again be up for sale under and administrators hammer before Christmas.