It was Statement O Clock last night from the Sevco High Command.
Of course, something had to give in the Blue Room as Dave wasn’t for giving anything.
As ever, it is wise to follow follow the money.
I’m told that the other directors asked Mr King to put in operating cash.
Immediately.
When that wasn’t forthcoming there was little choice but for him to leave.
The interim chairman has some mess to preside over.
My information is that £1.5m of emergency liquidity WAS recently provided by three directors.
That should be enough for the eight-year-old club to make payroll this month.
As for April?
Well at the time of writing one of two things needs to happen:
- A fresh injection of working capital
- A substantial cut in operating costs.
Perhaps the gloating by the Ibrox klanbase about Aberdeen and Hearts will prove to be a tad misplaced.
I cannot argue with the logic of this tweet from the Limerick man at Pacific Quay.
Aon rud eile, those Brothers are looking very Closely at the situation.
That’s hardly surprising given the circumstances.
The good news is that their loan is securitised mainly against things required for match day operations.
The Covid-19 crisis means that they would be uplifted from the stadium that John Brown played for with no immediate complications other than some embarrassment.
So, spare a thought for their incoming rookie PR chap.
He certainly will have to deal with a fair amount of…well…incoming.
I sincerely hope that this Mr Graham last longer than the last Mr Graham.
I’m told that of the three chaps who had put their CVs in to the Sevco High Command one young fellow at the Daily Radar really thought that the job was his.
Then, at the last moment, it was given to Councillor Graham of the DUP.
Mr King’s statement said last night the putative funding is now “on hold”.
Then the club itself said that all was rosy in the financial garden.
Awkward.
Moreover, there has been no word from the Shy Messiah in the Far East.
Although the Covid-19 crisis has thrown UEFA’s schedule off course they DO need interims from clubs wishing to participate in European coemption next season.
So, at present Sevco do not have any matchday income, no retail income and they can’t hire out Ibrox for any events like a concert.
Moreover, in November they stated in the RIFC yearend accounts that at least a further £10m would be needed to see out the season.
Anyone who doesn’t’ think that this new world disorder isn’t a crisis for Sevco has not been paying attention.
Of course, there will be a time to fully assess Mr King’s five years in charge at Sevco.
However, that isn’t for now.
Things like this crowd in on me and makes all the foregoing seem utterly frivolous.
Your humble correspondent is locked down in Dún na nGall.
Stay well.
Scudmissile,are your punctuation buttons missing from your device?.
As is obvious to all Scottish football will not restart until August. Will it restart in front of actual or virtual spectators? That is another question, and will depend on whether the government will risk it, and/or whether there is a second wave. As Italy shows this bloody thing is so infectious transmission between players/officials in a closed door WILL happen if an infected individual is present. And would only need to happen once. So….now what? Look on the bright side. The courts are in disarray, so extracting money via that route is not going to happen. The money they owe other clubs. Has to be paid and that is probably where their UEFA money will go. But the current board are now faced with a personal decision. There is an economic maxim – do not throw good money after bad. With no revenue from any business, and investment portfolios depleted, what do they do? I would be surprized if Rangers do not “restructure” looking at their debt and revenue projections
I heard yesterday there is a clause 12 or something that SPFL clubs can access to stop having to pay wages while the season is on hold. Can see Sevco doing this.
My gut feeling, considerable gut, is that the time to assess DK’s tenure might not be that far away.
Of course the virus will get the blame, the wee bastart!!!
The Klan on FF are all in praise of the chisling chairman and have put it out there he has left sevco in a better financial position and situation than before he took control of their club . Just how dense are these people almost breaking even when Ashley’s crew ran the place to needing £10 million quid plus to see the season out and counting as well a number of court cases ongoing. But nothing to worry about here the panel on radio shortbread today of Tom English Billy Doods Neil McCann and Micheal Stewart all praised Douglas Parks taking charge with his business and money behind him to finance anything. McCann even put it out there that Parks could get help from the government to help keep his business sound . Aye that’s right Neil the government will help prop up Parks businesses while he throws money at sevco . Very disappointed that Michael Stewart has gone on a sponsored silence on this normally he would have tore this to shreds he has obviously been silenced on this when he agreed with the rest of panel .
Unlike you, Mikey Stewart is not courageously concealed.
He stands by what he says in the cold light of day.
You prefer to be heroically anonymous.
Unimpressive…
Just felt today he could have been a bit more like himself and more vocal only my opinion.
If Micheal Stewart says nothing else for the rest of the season, he can rest on his considerable Laurels. Single-handedly with his so called “rant”, he got rid of Jabba. There was no coming back from that. Similarly, with Sutton and “cheerleader” BDJ. Both took a little time to filter through but they were lethal, magnificent accomplishments and completely unpredicted.
They must be due a fair whack from UEFA for getting as far as they have in the EC? That should cover them until the end of the season or until the season ticket money rolls in.
They won’t be going bust this season unless they deliberately fold and i can’t see that scenario playing out either.
In response to that
Their monthly costs for day to day needs is 3.75 million.
By the end of june they must pay in excess of 20 million more for delayed player registration fees….transfer instalments and a payment to close bros.
Thats in excess of 35 million to find before the end of june.
No cash reservrs.
No credit line.
No king to fork out cash.
They could also face the possibility of the court award and court legal fees.
Dont think they got far enough in europe to pay that….plus to my knowledge…uefa intend to finish the cup if possible.
Jelly and ice cream soon
Dont forget that ST renewals will be significantly lower due to the pandemic. Very few fans of all clubs will be forking out hundreds of pounds in the current environment putting a huge strain on all clubs finances.
Phil, hope you and everyone dear to you stay well. Also the same to everyone who contributes to this site. May your diety blees you.
Just waiting on the following announcement from the SFA ……. “Due too the extraordinary circumstances created by the current pandemic which is covid-19 in the event of any club requiring to enter administration they will not incur any points deduction for the season 2019-2020″…..end of statement.
watch this space the betting for the above to happen is odds on
Actually, Sevco aside, I wouldn’t be against that. It would piss me big style that it let THEM off the hook, but I have many friends who support provincial teams and I don’t want them to lose their teams.
You do know that “provincial” means outwith the capital city,and Glasgow ain’t the capital of Scotland
In footballing terms Glasgow is very much the capital. Edinburgh hasn’t even been the second city for some considerable time.
That would not surprise me at all good point .
Can’t believe King left without the statue being commissioned. I suppose this can be done later down the line.
Only money to come in for the sevco will be the Euro cheque, that would be a weeks away I would think…
With the courts shut Big Mike is on Hiatus I suppose. I would think he is their only hope of strips for the coming season, who else is going to touch them and he has the power to match and get the contract so probably in sevco’s best interest to get a deal over the line with the zero hour contract guy. They would spin that to gey the fans onside but they are a forgiving lot or is that ambesia and the onerous contract would give the club little if any cash to spend especially if the contract included what the big guy is owed already. Now Dave is away the SD door may be open again.
Stay safe folks.
SD would be difficult for the Klan to accept and would get Douglas Park on the wrong side of the fans .
The klan collectively have a shorter memory than a goldfish. If MA were to bale them out and throw his financial muscle behind them they would NOT give a fiddler’s fart about anything that’s gone on before. He’d be the next saviour.
I want Ashley out of the picture completely.
TRFC still have to face punishment for the bottle throwing incident v Leverkusen. Stadium closure would be the normal penalty but not appropriate in current circumstances. Maybe a heavy fine?
You too dude,
Stay safe is the new good bye.
This is not a drill.
Screw the nut and keep safe folks.
HH
Long may your lum reich Phil, bye bye the rankers…
Correct me if I’m wrong but the 6 monthly accounts for sevco prior to end of year statement for 19/20 have yet to be released, usually issued in January or February for clubs?
Are not these requirements from subsequent issuing of licences from the SFA to compete in UEFA competition?
Dave will have scribbled them on a fag packet on the way back to South Africa just as he did last year.
No doubt the SFA brass will do their duty and sign off on them without a murmur.
I wonder if the author will surpass the profit shown on last year’s interims as apparently you can just make the numbers up and either no one at Hampden has the balls to question them or has the mental capacity to understand them.
We already are aware that there are high heid yins at Hampden who have problems with the English language so it would be no surprise that understanding numbers would be a step too far.
Simple facts of business…
Successful or failed.
Sevco high command have been so sinister in their financial dealings that they are a conundrum
” financially stable”…”need at least 10 million”…
There aim has always been to stop celtic……even to null and void the season which would inevitably end their business.
King is a liar..cheat..fraudster of the highest order.
He has gone during a time that he needs to “SHOW ME THE MONEY”…IMO because he cannot.
Good riddance to him.
Scottish football is all the better for his departure…unless the increasingly desperate men in the blue room go that one step further and bring in the unionists as board members…..and given their urgency and the appointment of mr graham, I wouldnt put that as a non starter.
They are a team on the brink of going bold or going bust…..and Kings departure could still leave the path open to investment …..although I would say any businessman worth his salt would have to view the Mordor clubs huge debts and realise that a minimum 50 million would be required just to keep the wolves from the door.
My thoughts are that wages will need to be cut…Anne Budge style….which could see a mass exodus of player’s.
The next few weeks will tell…..I’m watching with baited breath..