In the period running up to their AGM, the Sevco High Command have been rather busy.
Not only did they have to get the year end accounts signed off by their auditors Campbell Dallas, but they have also been desperately seeking external finance.
I understand that they have, and not for the first time, gone round the various financial institutions in the Square Mile who provide ‘distressed finance.’
They’re also known as ‘Vulture Funds.’
General Ashley has been doing his utmost to hinder the efforts of his opponents.
Indeed, they often found that he had gotten there before them as they searched for external finance.
Like a cunning Saracen, he had poisoned the credit waterholes in the desert as the Knights of Sevco stumbled forwards in the hope of deliverance.
Recently there was the hope that the Sported Direct supremo had missed on out one source of life-saving liquidity.
A US-based Vulture Fund arrived on the Square Mile.
What these charitable chaps do is to offer lifesaving loans to distressed companies and then work with them to turn around the business.
They do this because in lending the money they take a major chunk of the equity.
If the business survives, then the Vulture Fund have got their money back many times over and own a slice of a profitable business.
This particular outfit is new to the UK market, and they haven’t done any business with Big Mike.
Consequently, he couldn’t call in any favours.
Initially, these Wall Street explorers were willing to look afresh at this soccer ball club from Scotland.
However, when they looked under the hood, they told the chap from the Sevco High Command the bad news.
Essentially the cure would have killed the corporate patient.
The Ibrox business, these savvy Yanks told them, was assailed from various angles.
Had the Americans bought into it though it would have resembled an administration, with savage austerity being implemented by the Stateside lenders.
So, dear reader, it would appear that only The People will swallow the idea that investing in the Holding Company Vehicle is worthwhile.
Even vultures won’t stomach that one!