HMS Transparency

It is always a sign of a well-run football club when they are as open and honest with their fans as possible.

Then there’s Sevco.

The extent to which the Sevco High Command continues to evade any serious scrutiny from their…ahem…”co-investors” still astounds me.

At the AGM some perfectly reasonable questions were brushed aside.

The details of this Q & A published by the Club 1872 folk makes for interesting reading.

In fairness, I can’t fault the questions.

They are framed around the financial gulf between Sevco and their much larger, much richer neighbours across the Clyde.

I thought that answer to question No 6 (in bold) was particularly breath-taking:

6) With the accounts identifying funding of £7.2m being required by the end of season 2018/19, when do the board forecast that the club will become self-sustaining and what is the plan to convert loans to equity? Will this be staggered or will it be done in totality at the next share issue?

As mentioned by the Chairman in his speech at the AGM, regular European football will be the key to the Club’s finances becoming fully self-sustaining. The increased revenues from retail will go some way to narrowing the gap as will more effective player trading.

Question No 7 pressed home the issue:

7) the most recent financial results are encouraging but highlight the staggering gulf between us and our nearest competition. Can this board please outline how they plan to deal with this substantial deficit going forward?

The majority of the deficit is accounted for through qualification for the Champions League group stages. Other income streams such as retail revenue and commercial income are increasing however there needs to be a recognition of just how valuable qualification for the group stages of the Champions League has now become. It is worth in the region of 30m Euros plus associated gate monies.

 So there you have it, dear reader, the only thing that the Sevco High Command needs to achieve is for the basket of assets to be a regular in the UEFA Champions League Group Stages!

Incidentally I thought it quite sweet that the Club 1872 chap considered Celtic to be Sevco’s “nearest competition”.

Bless…

As reported yesterday and emotional donation has prevented the Engine Room Subsidiary from falling into the insolvency abyss.

However, it will take tens and tens of non-returnable millions to stabilise HMS Sevco.

In the meantime, just like their Majesty’s navy, this piece of floating dignity limps to port while the rest of Planet Fitba quietly sniggers at the delusional sense of superiority below decks at HMS Sevco.

While The People may dream of restoring some imagined golden age of ethno-supremacy on the south side of the Clyde, Sevco’s chances of hearing this tune at Ibrox are all at sea.

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