I am indebted to football finance expert David Low for keeping me up to speed with this
In fairness, so is Sevco.
Indebted, that is…
I quickly caught up with a well-placed Ibrox source and asked him about this latest batch of confetti.
He said that it was to pay a bill of around £47,000.
As I have stated here previously, the Sevco High Command have continually stepped up during the season of empty stadiums to keep the lights on.
In doing so, they blindsided Celtic’s preening bean counter and confounded his Managed Decline cunning plan.
Their new mystery investor from the Far East (£16m-£20m) has been sold on the prospect of the revenues from the Champions League Group Stages and the possibility of an invite to a re-vamped English/British super league.
Obviously, the former is highly possible, but the latter is probably for the birds.
There is undoubtedly stuff coming down the pipe for the chaps in the Blue Room.
However, winning the SPFL has put them in much better shape to cope with it.
In the summer months, Hector is likely to want to be paid up in full.
I’m told that senior folk at the UK Treasury and HMRC had a meeting two weeks ago.
They went through the economy sector by sector, including professional sport.
My information is that August will be a cut-off point for his Covid inspired generosity.
Consequently, his understanding stance during the pandemic will probably have evaporated by that point.
So what might Sevco currently owe the nice chap who rejected the CVA in 2012?
Oh, let’s say £12m.
Mr David Cunningham King really DOES want his money back.
That’s definitely £10m (£8.25m plus interest).
Now, General Ashley hasn’t gone away, you know.
Of course, that is why Mr King is very keen to get his money from Sevco rather sharpish.
The idea of Big Mike being successful in ring-fencing any cash at Ibrox is not an appealing prospect to the Johannesburg based RIFC shareholder.
With all of that, plus likely trading losses of more than £20m, then winning the league this year really has been vitally important for the Sevco High Command.
Now the omnipotent meddler across the city who presided over Celtic’s collapse this season might want to think about his lasting legacy…
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Not sure why a share issue would be a “red flag” for hampden
The biggest takeaway from this piece is that when a “Football Finance Expert” describes a share issue as confetti then the “Expert” tag is questionable
I was under the impression that DK had already sold his shares………. to club 1690.
An agreement in principle was reached but the bold Club1690 chaps needed to find 20,000 mugs… sorry… legacy members to stump up at some unspecified time in the future to fund the acquisition. A crude calculation of £13m / 20,000 = £650 a skull straight into big Dave’s pocket, no the club/company’s. I wonder how that master plan has been progressing?
An agreement was reached in principle but this required 20,000 mugs…. sorry… Club1690 punters to stump up to fund the acquisition at some unspecified future time. A crude calculation of £13million / 20,000 = £650 straight into big Dave’s pocket, not the club/company’s. I wonder how that masterplan has unfolded?
https://www.bt.com/sport/news/2020/december/dave-king-agrees-deal-to-sell-rangers-shares-to-fans-group-club-1872
Saturday May 15, a historic day, a day for fireworks and a celebration of managerial excellence… congratulation Brendan Rodgers, the greatest manager Peter Lawwell was incapable of supporting. HH
The scale of the folly in appointing Lennon is of historic proportions. Or it certainly looks it here and now. Desmond really should have stepped in after the Shved fiasco and let Lawell go. We all realize that Rodgers had unfinished business in the EPL but the gall of signing this player when you had a world-class manager is astounding. To compound that with a manager who had been sacked by Bolton and Hibs, and left a Celtic team which was not physically fit according to his successor was shocking, Sheer incompetence and we may be living with it for some years.
It’s a weeks wages for Shane Duffy. Seriously the Rangers* Board have done a far better job than the Celtic Board where it really matters … enhancing a football team on the pitch. This is a non story now that Rangers* have access to Champions League money and saleable assets like Kent. And it seems new investors too.
Not to sure anymore that Celtic fc wanted to win the league. this year anyway, should have been a breeze, instead was a puff of nothing. Maybe a old firm (hate that term) team could be put together to compete in Europe have a green and blue strip play one time at paradise the next at hunland, would being the fans together as no one would know what team they really support, after all it is just a game.
You are either”at it” or……….an absolute nut job……….no answer required btw.
Off the top of my head… that is Share Issue number 8 [eight!] this season alone.
For comparison: the last Share Issue at CFC was 16 years ago, IIRC.
And, to have a Share Issue for a relatively immaterial amount of £43K should be a red flag for Hampden, [joking of course.]
Surely that was a typo, there are no red flags at Sevco, only red flegs
Celtic’s real Judas