Sevco’s credibility among institutional investors took another kicking yesterday as the club admitted that it was in talks with shady Malaysian businessman Faizoull Bin Ahmad and Rafat Rizvi.
Pictures of  Bin Ahmad in the company of Rizvi appeared yesterday after meetings with Ibrox kingmaker Sandy Easdale.
Rizvi is apparently on Interpol’s most wanted list but seems capable of strutting around in Glasgow without any hint of arrest and is believed to be one of the original Sevco backers linked to Blue Pitch Holdings and Margarita Holdings.
In 2012 Charles Green and Malcolm Murray were able to call in some favours to get London based institutions to invest in the Sevco share issue but having watched the share price plunge from 70p to just over 20p in 18 months there is little appetite for the emergency share issue.
With pictures of former VAT convict Easdale alongside Rizvi, Sevco can forget about any future conventional investment from London although the club yesterday claimed that the meetings were arranged to discuss youth projects with Malaysia!
A statement from the League One champions said: “Rangers this week welcomed a delegation of Malaysian businessmen led by Datuk Faizoull Bin Ahmad, chairman of the Malaysian Super League football club Felda United.
“The visit was organised as part of on-going discussions between Rangers and Felda United with regard to a potential youth development partnership.
“It was at the request of Mr Bin Ahmad that the trip was kept confidential. While he was with us, Mr Bin Ahmad also looked at our community and social Âinclusion strategies.
“Mr Rafat Rizvi arrived with the Malaysian delegation without our prior knowledge. He is an advisor to Mr Bin Ahmad.
“Subsequent media reports suggesting Mr Bin Ahmad is in discussions with Rangers regarding anything other than youth development are untrue.”
Sevco have until 11am tomorrow morning to find £3m from their share issue to avoid returning cheques to ‘investors’.
Should they fail to raise that amount the club has admitted that it will not be able to pay creditors with wealthy fan Mr George Letham due £1m and the players due wages in 14 days time.
Ally McCoist isn’t expected to take today’s media conference to preview tomorrow’s match at Raith Rovers.