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Malky Murray accuses Sevco board

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Malky MurrayMalky Murray has slammed his former Sevco colleagues and warned that there is no appetite for another share issue.

Two years ago Murray teamed up with Charles Green, Craig Mather, Imran Ahmad, Brian Stockbride, Ally McCoist, Blue Pitch Holdings and Margarita Holdings and was portrayed as the fans man in the boardroom as the new club was granted a place in the fourth tier of Scottish football.

Armed with a blazer, club tie and brownest of brogues he tapped into his city contact book to wheel in institutional investors at 70p a share while he chaired meetings with his fellow directors who had cleaned up by buying shares at one penny.

Murray, famed for his love of corporate hospitality and splurting out boardroom secrets to strangers, was finally dumped by the board from his role as chairman handing the baton on to Walter Smith.

At the club’s first ever AGM, last December, Murray threw his considerable weight behind the requisitioners, which included Paul Murray, no relation, but they were overwhelmingly rejected by shareholders.

With season ticket sales dropping off the radar and only 1,200 fans attending a rally to secure Ibrox it seems like another crisis is brewing at the club, prompting Murray’s statement.

“It is now seven months since the AGM,” he opened with. “We have maintained a dignified silence to give Wallace a chance but he is being hamstrung by a board that is neither culturally or corporately equipped for the challenge at Gers.

“Fans have been treated with a level of disrespect that would be unprecedented in any other consumer industry. Why will the board not give legally-binding assurances over Murray Park and Ibrox?

“We support the SoS march. We are also fearful over potentially distressing sale and leasebacks of both the stadium and the training ground.

“New investment is required urgently. The incumbent board said they had new investors waiting pre-AGM but it hasn’t materialised.

“The club have lurched from one disaster to the next – and it appears unprecedented that such poor performance would not result in resignations.

“This regime appear to be be backed by the original Charles Green and Imran Ahmad investors, despite claiming that they are new. The fans clearly don’t want them, as illustrated by the march and numerous red card protests in recent months.

“I’m convinced blue chip institutions will not ‘reload’ without a new board in place.”

Revelations over Mr Stockbridge’s surprise share option seems to have derailed plans for an August share issue to raise £8m, minus costs.

With the AIM still to be notified that the £1.5m payday loans from February have been repaid there is intense speculation about how the club is surviving on a month to month basis.

Hopes that South African based tyre-kicker Dave King would takeover the club seem to have ended with no statements  issued in the last seven weeks.

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