Last week this breathless exclusive regarding fresh money at Sevco appeared simultaneously in several terminally ill titles.
Mr Gibson had been trumpeted earlier this year as the next sugar daddy at Ibrox.
However, he clearly thought better of it at the time.
So, if this story was true then it was significant.
I was busy with the manuscript last week, but I did message an impeccably well-placed Ibrox source to get the skinny.
Last night he caught up with me.
It was a brief enough conversation, but my guy was utterly dismissive that the money from the Shy Messiah amounts to “investment”.
Unlike the giddy stenographers, when they receive an email from Ibrox, I questioned his answers.
I stated to him if this story was true, then it was genuinely good news for the Sevco High Command.
As I had reported recently, they had been re-visiting folks who had previously refused the opportunity to invest in the club.
In fairness to him, he had an answer for me.
“First thing’s first. Investment usually means an anticipated return.”
Given that Sevco has not broken even since they were created in 2012 and had no credit line from a bank, then he probably has a point.
Then he stated quite trenchantly that he was convinced that this alleged investment was in fact a loan.
Moreover, what he told me apropos the security on the loan was very interesting indeed.
This source has been consistently on the money for me for several years.
For the avoidance of doubt, I have no reason to doubt his integrity.
Moreover, given his position, he IS in a position to know.
He told me that around £1.8m of this money would be heading for Johannesburg rather rapidly.
Of course, Mr David Cunningham King is owed more than that by Sevco, but it is a start.
As for the rest, he said it was simply “keeping the lights on the money”.
Given what we know of Sevco’s shaky finances, then there is usually a need for a bailout every September/October period.
Dear reader, I made ONE call to ascertain the veracity of the story put out by the Succulent Media last week.
I’m up against a manuscript deadline.
However, that single call to a well-placed source is almost certainly more than the entire Stenography Corps did to stand up the content of the email they received from Sevco.
Does it really take an NUJ member in another country to hold the Sevco High Command to account?
Yes, in another country…
It is almost as if the Stenography Corps see their core function as being there to augment Sevco’s PR operation.
Almost…
Oh, agus rud eile.
Here’s one for the intrepid chaps in the Stenography Corps.
Warning!
It will involve some activity that definitely resembles journalism.
Question:
Which senior functionary at Sevco decided during the last transfer window that Preston midfielder Alan Browne “might be a hard sell” for the fans due to his nationality?
The answer is not “everyone anyone”.
I’m told that the prospect of Browne being a Sevco player was shot down with “let’s be realistic here”.
So, stay well folks, hunker down, follow the rules, and wear a mask.
Ignore idiots.
This is not a drill.
Have a great week.
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Borrowing from Pe……..Stuart to pay Pau………Dave.
It’s a bit like using one credit card to pay off the bill on another and adding to that bill by continuing to use the new card to it’s limit. You can repeat this until you get to the point when NO ONE will give you a new card.
Somewhere down the line the last credit card company want paid.
That’s when the fan and the excrement come into hard contact.
You can’t pay on the “Never Never” forever.
As for security on loans/investments could it be a percentage of player sales in the next window, unless Fredo buggers off to Quatar before their window closes.
I wonder where Ashley is in bringing the court case to a conclusion and presenting the Sevco command with a bill that rocks the Ibrox foundations.
Everyone, anyone (unless they play their international football for the ROI.
5m wont cover 2 months wages over there. More investment December?
Ther is UEFA money due in December.
A pre-season ticket injection will be required in January/February unless there is major player trading in the next window.
Dear God, have they not paid off the Ringmaster of Circus Circus yet? HH
also confused,they sold shares so how is this a loan
The definition of investment is as follows:
“the action or process of investing money for profit.”
Since the Ibrox club has regularly run at a loss since its inception then it is highly unlikely to start making a profit any time soon particularly when stadiums remain empty. Mr Gibson’s “investment” must therefore be either a loan or a gift.
So does this mean the hovering pitch, casino, five-star, 140-room hotel, restaurants, a health club, sports bar, shops, 279 apartments, a full-size sports pitch and children’s play area, luxury flats, a shopping complex and a conference centre and not forgetting Ibrox being razed and replaced with a 70,000 seater arena, are back on now that an international high finance type has given them a loan? Makes me wonder if there recently proposed, concert, entertainment wedding retail, fan zone venue will now be shelved now that the big fish are onboard… One of my favourite fantasy stories and it can still be found at the Evening / Glasgow Times…. For now, may disappear anytime soon..
https://www.glasgowtimes.co.uk/news/12825823.can-pound280m-ibrox-park-plan-spark-the-rebirth-of-govan/
Typo…. “Their” 🧐
This can not be considered a loan, per companies house @42 million ordinary shares have been issued and purchased at 20p per share.
These share are not guaranteed or backed up by any security on any assets. Should things go wrong and the company goes under then the owner of the shares will only receive the residue of the sale of assets once creditors have been paid.
These new shares do have voting rights so the owner of the stock will have voting rights and a say in how things are run but only at shareholder meetings, unless there has been a new addition to the board. I can not see if anyone new has been appointed to the board.
Another weakening of club 1872’s stated mission aim, to increase their stock holding, the net effect of this share issue is to yet again to dilute their percentage of the overall issued stock holdings. I wonder if there are any published accounts for this “club”.
And yes this can be considered an investment! It may be a bad one, a very bad one but that is in the eyes of the person injecting the cash into the club. They may be very happy that these funds just “keep the lights on” and not be looking for a return by way of dividends etc.
Thanks Phil,
You can imagine an ‘Ibrox paper trail’ replacing Origami as the number one paper shuffling art any time soon.
I have a collection of twenty wigs. One for each occasion.
If my brain gets cold I make stupid decisions.
Sevco is a good each way bet 🤔🤣😂🤣
I am confused.
Kings loan(s) was secured – against what though has not been revealed.
Now Gibson apparently has a loan secured – but against what?
I’d guess that no loans would ever have been made to RIFC without security, but I thought all that was left unsecured was the stadium – which itself had unclear ownership???
I’m losing track of the financial juggling at the Ibrox circus! 🙁
Oh, what a tangled web we weave, when first we practice to deceive…
I
That was my first thought too! Let’s see whether it appears in the next accounts, I believe they are due soon.
The accounts due to be published relate only to business conducted prior to June 30th, the end of their financial year.
This recent share issue will form part of the accounts for the current season.
I don’t even think about it any more. It just makes my brain nip..
They’ve taken no money in from player trading. Some fairly decent numbers for some of their squad. But they haven’t bit once? We’re aware they operate at a loss and that’s their shout but Hector doesn’t want to do business with consistent negative traders, for want of a term lads. Weird as ever over Mordor.