Your inflexible friend

Today I learned that a member of the Sevco High Command was saved from himself last year by his bank.

He approached the financial institution and asked for an extension of his borrowing facilities.

However, it wasn’t his own business, but for the basket of assets at Ibrox.

Despite having banked with them for many years they refused to extend his line of credit.

He was surprised at this as he thought his reputation with the lending organisation as an established businessman would be enough for them.

Despite this, the financiers refused, in part, because they knew he was bankrolling a loss-making business without a credit line from a bank…

The Blue Room chap then took his custom elsewhere and Sevco got some more liquidity, at least for a while.

He moved two accounts to another bank and they were more accommodating but at a premium rate.

It is clear from the last set of audited accounts that the only thing preventing an insolvency event at Sevco are ongoing loans from Directors.

The details can be seen here in Note 17 (page 46) “analysis of loans”.

You will see that £6.275m of loans are required to be repaid in December 2017.

I do hope that this member of the Sevco High Command will have an understanding chat with his new banker before Santa arrives.

24 thoughts on “Your inflexible friend”

  1. Yet another informative piece ,putting things in their true perspective and in the open and under scrutiny, again appreciated.
    I was privy to three secvonians talking things sevco , oh , and you. Im sure your not bothered or interested for that matter ,but I found their slant on things amusing ,evidently one of the things that bothers them most ,is that you reside in the Republic. “what the f does it have to do with him” was vented a few times. The classic though was “if hes that intae Scottish fitba whit did he leave Scotland fur “.
    It is truly lost on them ,all of it ,im afraid.
    I declared myself in purely by laughing at a particularly ridiculous contention , that being they were about to be fed Benfica’s youngest and brightest “to gain the right kind of experience” whatever that is.
    This on the back of the complete failure that was the proposed gathering of the clan diaspora in Canada ,against the aforementioned Benfica , that in fact sold 400 tickets ,hopefully , this will dispel the international appeal myth.
    What actually took place was yet another behind closed doors game , against Morton ,essentially to give the defensive training they have been doing all week , a try out. Unfortunately it appears there is further work required as it ended in a 3-3 draw, to round things of nicely Jack got a red card ,the third so far this season. So in short everything is tickety boo. Be lucky.

  2. According to the notes in last years accounts over £6m of the soft loans was to be repaid in December 2017.
    When the question was asked as to where the money would cone from the answer was that the lenders, staunch RRM one and all, would swop the debt for equity.
    Even without the TOP issue King is a pariah in the city and no share issue is on the horizon.
    In fact it’s months since anyone mentioned it or asked the question.
    Now a few million here, a few million there wouldn’t put a dent in a billionaires wallet, however Newco has no billionaire contributors.
    They are totally reliant on the goodwill of a couple of businessmen who have over many years managed to amass a few million pounds which would ensure themselves and their families are financially secure for the rest of their lives.
    With £15m plus ploughed in to the club as working capital through the loans, and little or no prospect, of repayment, what do they do at the next cash call……..stick or twist?
    It’s a dilemma , made worse as far as we know because the loans are unsecured.
    Will SDM ride to their rescue, pay off the loans and provide Pedro with serious investment as rumour has it?
    With Craig Whyte walking free from all charges as an innocent man, yet banned for life by the SFA, I’ve often wondered why SDM had not suffered the same consequences, if only for introducing the DOS/EBT tax scams and cheating HMRC of tens of millions of pounds.
    Regan probably thinks this is no biggie and would welcome him with open arms no doubt.

  3. No, no, no Phil, you have it all wrong. Newco is rolling in money.
    One off line bookie, previously unheard of, has markrd up Newco as favourites to sign John McGinn, grandson of a former Celtic Chairman.
    With Lenny talking £5m and The Hat making a piss taking bid of £750k, even if you pitched the price between the two numbers at £3m there’s not a hope in hell’s chance that Newco would be in the running.
    Just another piece of Level 5 propaganda attempting to make the club relevant when clearly they are not.
    Perhaps the young lad at St Mirren is within their reach, much more affordable and could join up with Moult, Walker and McLean in the next window as Pedro attempts to balance his squad, though some further trimming of the wage bill will be required before fitting them in.

    1. The Daily Sevco, devoid of good news stories to pander to the mob, have reverted to printing pish about a Chelsea youth player. Showing photos of him in games he got pumped by Celtic youth.

      The Daily Sevco really is the hopeless gutter press.

  4. There’s been talk of the blue Room going boom for ages and nothings happened , they just keep limping along hanging about like a nasty cold sore. And I for one am enjoying the show.

  5. How did they (THE PEEPAL, PART OF THE ESTABLISHMENT, THE QUEENS OWN) end up in their many illustrious humiliating (never to be forgotten) situations, apart from their inbred mentality of entitlerment no matter what has transpired, it was without a doubt the “Follow Follow”, attitude that killed them once and will see them off again, need I say more.

    NO BUT I WILL…

    It is without a doubt one of the highlights of Scottish culture shift in our time, and as we have long predicted something that will impact on them forever as their childrem will be Celtic supporters, that is the reality..

  6. Can’t afford to keep putting money in.

    Can’t afford not to as they may not get their original money back if they don’t.

    Not much chance of getting money back anyway, but it’s still a chance.

    The chance disappears if they don’t put money in.

    Jump to line 1.

  7. Is this guy for real Phil? He is not a successful business man is he ? Head up the old rectal cavity methinks. Time to dig out the old magic beans again.
    What do they say about a fool and his money?
    This festering heap of of a faecal entity seems to have carte Blanche to ride roughshod over the Scottish game .
    For all of their transgressions towards mankind, Dante’s musings would be suitable. I wonder if there is an audience to broadcast that?
    I’ve been called a bigot and a hater, but I am not.
    Some of my best friends are ……………..(insert, race,colour,religion,nationality,ethnicity, sexuality, etc,etc, lol
    You seem to be on the ball with this Phil. Who needs the MSM numpties?

  8. Jelly and ice cream parties on the horizon.

    I’m really pleased the Sevco death is long and of a thousand cuts and bleeds all the RRM dry. Shows up their lack of class, is undignified and a national scandal.

    Sevco reveals their stupidity and lack of business savvy. Slowly emptying their bank accounts of ill gotten gain.

    They thoroughly deserve it because they brought it all upon themselves. No one has done anything against them.

    Even their lying claim to 54 titles is shameless stupidity. The world laughs.

    1. When they lose the 54 titles it won’t be anyone’s fault but their own for illegally trying the scam on in the first place.

      They don’t own 54 titles to lose.

      But their Heids are minced up by the SMSM and the RRM guys fleecing them.

  9. An honest question Phil
    How on earth do they find these peepil ,who seem so hell bent in sleepwalking right into giving cash to this loss making cabal .
    I mean ,what is it that infects so called businessmen that makes them lose their senses and open their wallets so readily .
    I’m sorry but I am not buying it .There is money trickling into sevco 2012 to keep the lights on but I
    have to question if it’s really coming from the peepil they want us think .
    Surely after all that has went on over there peepil know snake oil when they see it

  10. People might have noticed a few companies going pop recently, it could be the precursor to the biggest recession, not only in living memory, but ever.

    2018 is going to be a crazy year…I doubt any loss making company, even if they had a credit line from a bank, will survive.

    Nothing lasts forever.

  11. I think he could be having that chat sooner rather than later.

    A week on Monday, perhaps, following the Court of Session hearing into Mr King’s ongoing recalcitrance.

    Now personally, I’d say Desperate Dave might be my very favourite hardened recidivist.

    But I seriously doubt if Board Sevco’s personal banking advisors view the situation in such a sanguine light.

    Such circumstances are enough to test anyone’s Loyalty…

  12. Could Santa turn into the Grim Rheaper? It would be a shame for them to go down the drain (again) due to the hilarity in financial and football matters they provide on an (almost) daily basis.

    I think I am developing diabetes due to popcorn intake.

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