Interesting times at Sevco

This week has seen some interesting developments in the Sevco saga.

The Union of Fans showed a firm grasp of the situation when they called out the company/club/celestial entity on the future of Murray Park.

They also correctly pointed out that currently RIFC does not have enough working capital to compete the season.

As it stands now I understand that there are five bills outstanding and two of them are now critically overdue.

The total bad news is in the region of £600,000.

If these bills are not paid then it might be a challenge to keep the lights on.

Payroll must be met this week and it may require some of the major shareholders to make up the shortfall.

Chairman David Somers was very strong about Murray Park being too valuable to sell.

I was surprised at this and I can only reason that I was misinformed by a usually excellent source as I had been told that Mr Somers and Mr Graham Wallace had signed off on documentation about the training ground last weekend.

My understanding was that a decision had been taken to sell Murray Park.

However, this is clearly not the case.

Sometimes sources get things wrong.

It happens.

However the financial logic of selling Murray Park is inescapable.

For the avoidance of doubt RIFC/Sevco is a loss making business with no credit line from a bank.

Moreover, the cash reserves that had been generated on the AIM by the Initial Public Offering (IPO) have been used up.

Good news on the auditors front is that Deloittes seem to have accepted that that the current regime are in no way to blame for the shambles that Charlie left behind.

However, the man with the big hands does remain a player at RIFC.

There is a finely spun web of  companies across the planet that seem to only exist as a conduit for onerous contract cash out of the company that Charlie floated on the AIM in December 2012.

On that matter I would not be surprised if some of the major shareholders who bought in at IPO took their grievances to court.

I understand that when Malcolm Murray was the RIFC chairman he was required to sign lots and lots of documents.

It must have been difficult to keep track of everything at the time.

However I am sure he was always very diligent and focused when attending to such important paperwork.

That is what makes him such a top class businessman and highly respected in the Square Mile.

The guy that currently drives the bus is finding it tough and Graham Wallace is rarely in Glasgow these days and I’m not sure if he renewed the lease on his accommodation there.

If he decides that he has had enough then the RIFC board should do all that they can to secure the long term services of Philip Nash.

If Wallace were to leave then his instinct would be to follow him out the door.

However if Nash took over then Sevco would have the most able CEO in Scotland.

At the moment the man who turned Liverpool FC around is very much now in the “Nerlinger Role”.

Subsequently, all transfer business now goes through him and the senior people in the football department are very clear that Philip Tudor Nash is calling the shots.

I expect more canny transfer dealings from him in the near future, but not all of this shrewd trading will be to the liking of Sevco’s iconic manager.

The fixture machine has been kind to the two year old club, but they will need to continue to be lucky.

Loss making.

No credit line.

No cash reserves.

Interesting times.

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