At the regular meeting of the Sevco High Command yesterday there was no serious discussion apropos a new manager.
The only germane item on the dignified agenda was a free and fair exchange of views on the perennial problems of Blue Room leaks.
At one point the conclave was in danger of becoming less than harmonious.
Not surprisingly this dialogue focussed on how information leaked out regarding the Derek McInnes farce.
I was saddened to learn that a magnificently maned factotum made a harsh accusation of loose lips in the direction of one of his more senior brethren.
This was met with a stern counter-accusation that the likely Lundy in their midst might actually be closer to himself.
After that, the issue was Parked.
What the McInnes circus has done is to put fear into the sane faction in the Sevco High Command.
They are now pondering the reality that their esteemed chairman couldn’t find £1.2m (approx.) to secure the services of the Aberdeen management team.
If that is the case then the promises he made in the year-end account of Rangers International Football Club (RIFC) look less than credible.
Then there is the money that Mr King will have to find if the Take Over Panel prevails in the Court of Session.
The historic victory over Ross County today was important on several counts:
It gave the fans something to cheer as Sevco notched up an impressive three victories on the bounce.
This strengthens the hand of the Murty faction in the Blue Room.
You may recall that he is the favoured austerity candidate among some of the Sevco High Command.
It also brought in much-needed match day revenue to the cash-strapped club.
Of course, next month will have a winter shut down.
That will undoubtedly be a challenging few weeks for the folk who have to keep the lights on at the Engine Room Subsidiary.
The fixtures mean that Sevco’s match against Motherwell on December 27th will be the last time that basket of assets are in action at Ibrox until January 24th when they play Aberdeen.
If you are diverted by low flying squirrels with high-Level orders then you will not make sense of the McInnes farce.
It was about money.
At the moment almost everything at Sevco is about money.
Or rather, the debilitating lack of same.
However, I’m sure it will all be fine.
After all, Mr David Cunnigham King is a man of his word.
If only they could figure out being eclipsed by Celtic.
https://m.youtube.com/watch?v=lgPzqjm5Wog
No. Honestly. You can do better:
https://m.youtube.com/watch?v=wbHN0RYDksc
When is the takeover panel decision due Phil?
January will be a most barren month indeed.
Wait a second….. So now all the information on the McInnes chase that became known was down to leaks? And fractions on the board are unhappy about them??
But I thought all the information had been fed through tame journalists via the in-house PR firm? Its hard to keep up.
Thankfully you’ve pointed out the fixture list…..I’m sure none if the high command had realised.
Can’t believe you never added a note about how hard it will be to meet December’s* ( insert any month depending on when writing) wage bill…how remis of you
Sounds like the period after 27 December is going to be a bit “Back to the Future” with the magnificently maned one wistfully recalling the teen years standing outside the gents’ outfitters…
“Concomitant! Concomitant! The window to watch!”
Given King’s history, and his counsel’s recent claim that his client was skint,the auditors must have sought and been provided with solid proof of funds before signing off on the accounts.
They will be entitled to be a bit irked that before the ink was dry Pedro and his management team were sacked and their forecast cash flow spreadsheet was already out of date.
When the Court Of Session clips King’s wings, as undoubtedly they will, then the game is well and truly up.
A share issue and debt for equity swop will most likely be off the table.
Put yourself in the position of those who to date have ponied up £14m plus of unsecured loansto keep the lights on.
There is no possibility of repayment as expenditure continues to outstrip revenue.
Even if at some stage a debt for equity arrangement could be made they will still be out of pocket £14m plus in real money and instead own shares in a 5 year old business that has never made a profit. The shares would be next to worthless.
If King has issues following the COS judgement and the NOAL funding promise collapses, what then?
The notes to the accounts clearly stated that King/NOAL would meet cash calls as and when required, no mention of anyone else. It seemed clearcut, however at the AGM King when answering a question on future funding mudded the waters somewhat by saying that the same sources as previous would step up to the plate, or words to that effect.
Perhaps he had some short term memory issues and had completely forgotten the narrative in the accounts.
Would be no surprise to see SARS pop up again in this continuing saga as they read of the NOAL funds in the BVI which should have been repatriated to South Africa as part of the deal to keep the de facto Chairman out of jail.
How long , in god’s name, is Lord Bannatyne going to take to come to a judgement with regard to The Take Over Panel’s ‘Cold ‘Shoulder’ verdict on King?
It’s been months now since the court case, yet not a word.
Perhaps he hopes to release the bad news on Brexit day, March 29th 2019, when it can be buried amonst all the guff emanating from Westminster!
Terrymac
Has Jabba lost control of the stenographers or have they suddenly grown a pair and are starting to tell the truth. Good article by Gordon Waddell in the Sunday Mason / Daily Ranger today giving Sevco a hard time.
THAT statement from Sevco earlier in the week having a dig at DMI has made the usually loyal stenographers unable to defend it.
Are we soon to see a few good men tell ra Peepul ” the truth, you can’t handle the truth” but here it is anyway.
Question : What is the point deduction for the late payment to players? I’m also surprised that all late payments to suppliers hasn’t raised more court proceedings especially with the Court of Session decision looming …
Are the really acting on good faith like he asked Deeks to do ? … “Rip up yir contract and it will be alright in the morning … Honestly .. It will .. Trust me .. You can take that to the bank …”
They need to jump to the 33rd degree, become enlightened into the light and open their eyes to plain sight.
http://theflatearth.altervista.org/?doing_wp_cron=1512868781.5937368869781494140625
It’s so flat!
I heard S Milne interviewed and he said Sevco had made it clear that the compensation would be met, we needn’t believe anything fro Ibrox but why would Milne lie?
I’ve revelled in the thoughts of the second crash for three years and they’re still in my rear view mirror, I’ve beginning to believe it’s all wishful thinking on our part and they’ll continue to be boosted by people in the shadows ad infinitum so maybe we should just look at them as a troublesome opponent
Sevco told Milne they wanted to speak to McInnes
Milne said fine, let’s see your £1m then. You need to prove you can buy his contract out first.
Sevco said no can do.
Milne said you can’t talk to him.
Milne gave McInnes 48 hours to think about everything.
The SMSM told McInnes to rip up his contract and join Sevco. And await a Judicial Review.
McInnes made his mind up early next morning (20 hours). No to Sevco.
Surely the SFA issues managers badges to manage scottish association teams.
If a manager walks from a premiership club, with three years on a contract, that club simply gets him banned by the SFA from managing. Until a new club or he buys out his contract?
Once upon a time, there were three bears……………and then a glib and shameless liar came along and ripped the piss RIGHT out of them!
He’s not all bad then
I hope so… Merry Christmas ?
You’ve been particularly productive these last few days Phil; it’s almost as if you’re revelling in this Sevco fiasco …… as much as I am 🙂
Keep up the great work!
Awaiting the outcome from the Takeover Panel case with great anticipation, I fear that will be the death knell for Sevco.
Shame.
Majik stuff phil enjoying every minute of this fiasco hail hail and G/B/W/B/Rs.
So it was all about money and the Tony doc?
If King is found lacking in liquidity do the other directors become liable for all Sevco’s debts?
I hope so for they are all guilty of running a cheating no named club
and scamming there supporters then when caught I knew nothing about that
I only borrowed the blazer to wear to a wedding as for the shoes I picked them up
at a oxfam shop in the govan area so there HAIL HAIL
I hope so ?
No. That’s the whole point about a “limited” company. The liabilities are limited to the shareholding. Unless the other directors have given written guarentees they are no more liable than any shareholder.