It would appear that not all within the Sevco High Command are delighted about the new arrangement with Close Brothers.
Indeed one of the Blue Room chaps was heard to refer to it rather disparagingly as “the phantom overdraft”.
You may have noticed that some of the intrepid Fitba Fourth estate has been running with a story on executive remuneration at Sevco.
I had initially thought that this story had originated in a PR galaxy far far away.
However, I learned today that this was not the case and that the stenographers were not, for once, operating on high-Level instructions.
Instead, the anti-King faction decided to leak this information as they consider Mr Dixon and Mr Robertson to be implicated in the Close Brothers deal.
Well, the former did sign it and the latter went out there to sell it.
That’s undeniable.
However, I think the criticism of both gentlemen to be harsh.
They are, after all, only following orders.
The good news for one of these chaps is that an annual bonus of around £60k has just been signed off.
Despite the £3m from Close Brothers, there remains a shortfall of, I am told, £1m.
Do not concern yourself, dear reader, as the Club 1872 chaps have, through their emissary in the Blue Room, promised to cover that cash flow problem.
In the period following the announcement of the deal with Close Brothers, a very senior member of the Sevco High Command was heard to state that life was difficult for those in situ in the west of Scotland.
He caustically observed that it was easy for those directors who were furth of Scotland to make grand gestures because they wouldn’t have contact with fans when it all needed in tears.
Next week Mr David Cunningham King is in court again.
The dignity just keeps on coming at Ibrox.
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Great article Phil, surely the SFA should be all over this.???
The service that Close provides is the business equivalent of that provided by a pawn brokers. Basically they have hocked the TV and stuff to get by.
There’s a process here and it’s degenerative.
One minute they’re in the arms of the 3 cuddly bears with their soft loans; next minute it’s the cold comfort of the Close brothers and the hardest of hard loans. But this isn’t the process. These are symptoms of the underlying process.
At some point they will run out of things to pawn and have nothing to buy more time with. The process is like the terminator, it never gives up.
Ibrox fans appear to be getting quite optimistic about their make believe 55. One sevco fan in particular is looking forward to Rodgers being put under pressure. He believes that if the gap narrows to just a point or two after the split, then one of his players might just ‘slip’ in the title run in
Interesting witness name on one of the new charge documents just discovered…one Benedict O’Mahony. I wonder where he was born and where he goes on a Sunday 🙂 🙂
When you find yourself in a bit of a hole, the soundest advice is to throw away the spade and stop digging.
Phil, surely you could get your impeccable source in the Blue Room to pass this message on to the dignified brogue wearers.
Every course of action they take, seems to compound the previous disastrous decision.
The anti-King faction must be close to saying “sod this for a game of soldiers”.
Then again, they cold be waiting for King to (as instructed by theTOP) make the 20p a share offer (which is looking more and more attractive) and cash in their chips, leaving King holding the basket of pretty much worthless assets….
Can’t wait for this to all go tits up again.
Gullibillies put all their money and faith into the biggest SPIV of them all.
Hi phil i see today theyre saying the title race is on complete morons takin all this crap in from the radra and the hun
Great blog.
These guys continue to provide us with great entertainment and hilarity.
Secured loans from the lenders of last resort being presented as a credit line and overdraft facility by Sevco directors encouraged by SMSM bawbags.
Imagine being rewarded for failure? Weird eh?
Sadly the gullibillies believe every faecal molecule that comes out of the bile dome. Dumb as fuck they are!
Thank you sir.
Interesting doc in amongst it all sevco bought Edmiston House from Charlotte Ventures ltd. is this one of sir bribe and lies companies???
HH
Have they not just ‘overdrafted’ another £2m approx against the catering equip, Wi-Fi equip, stadium screens etc?
Did the WiFi Co.not take them to court to ring-fence £100000.?
Can judges be sued for negligence ?hh
And the gullibillys would have you believe that the £3m is sitting there like a hot pie on a window ledge, but that it won’t be touched by the Greedy And Salivating Liar.
Thanks Phil
Nest of vipers or bag of weasels?Regardless self preservation is King.
Tick Tock.
No wonder they are less than delighted. Those documents lodged with companies house …….
I refuse to click on the stenographer websites.
What’s the story about remuneration?
Stewart Robertson (Sevco MD) and another Director (I forget who) got large bonuses despite the club posting even larger losses, shortly after the Close financing was announced.
You seen the latest “Registration of Charge” document from the Close Brothers at Company House?
Keep your friends close and your enemies even closer.
Phil, since the tributes came into existence,how much have they lost. What are their total liabilities. And is their a point when either footballing or financial institutions say enough is enough.
I see there is another document on companies house with more details of the loan today covering
Catering outlets, PA system,bowl screens and stadium wifi
Yoose buy awe ra pies, but sumday else owns the ovens.
Who are these people. ?
Wonder how a charge over the wi-fi kit works when it’s payment is in dispute?
“The dignity just keeps on coming at Ibrox.”
The bankruptcies too. Don’t forget that.
Hope we have a courtroom jester reporting back the live glib commentary.
What is the point of the plc if they’re not listed anywhere will the plc be scuttled to save sevco or will it be the other way round.
Seems to me there is something underhand going on here that doesn’t weigh up.
Perhaps rugger guy might have an opinion?
HH
Are these bonuses reward for failure or for managing to get somebody to give them a payday loan.
Robertson outlined this loan earlier as an overdraft and that they were on course for sustainable growth.
Now when you can’t afford to keep the lights on you don’t go down the pub and find the local loan shark and arrange an “ overdraft” with him.
I assumed all assets were held by the plc but it seems sevco own as the loan is in their name.
When liquidation comes around will it be the plc or sevco which goes to the wall?
Keep up the good work
HH