Sevco director John Gilligan has warned supporters that a share issue is unlikely to happen.
With season ticket money likely to run out at some point over the next six weeks the runaway Championship leaders are in urgent need of cash.
Last season a share issue in October raised £3m with big hearted Mike Ashley loaning the troubled club £5m in January to avoid administration. In June at an EGM shareholders voted not to repay the loan. In February Mr Ashley also sent five players on loan from Newcastle for a token £1,000 a week payment.
That source of backing is no longer available with the two loans totalling £3m from the three bears due for repayment at the turn of the year.
Dave King’s arrival in March has turned a troubled brand toxic in the eyes of the City of London with no nominated adviser wanting to be associated with the South African based criminal while the Alternative Investment Market quickly ditched their share trading facilities.
Despite having next to no shares in the company, in common with borders-based banker Paul Murray, Mr Gilligan has enjoyed the status of a blazer in the blue room of dignity and the adoration of the gullible fanbase.
Asked if there would be a share offer during a meeting of the Rangers Supporters Trust the Herald reported Gilly as saying: “The answer in the long term is yes. You know the story with the listing. Until we are listed, we can’t do the share issue. We are striving to get the listing. In the longer term that is exactly where we want to be.
“What makes it really difficult is, because of the Police Scotland investigation, there are other things that are coming into play here which certainly I didn’t see them coming anyway.
“Not the least of which is when you are handed a piece of paper which says the former chief executive (Green) has a contract which he says means we have to pay his legal fees. Nothing is very simple.”
It seems incredible that a club director was unaware of a contract which covered founding father Mr Green’s legal costs for seven years which isn’t unusual in business.
The 2012 prospectus for the share issue recorded that provision with Mr Green now facing substantial legal costs regarding the asset transfer of Ibrox Stadium and the state-of-the-art Murray Park training complex between Rangers (IL) to Sevco 5088 and/or Sevco Scotland.
Mr Green presented the club with his claim at the end of September, six months after Mr King swept to power on a ticket of accountability and transparency.
With no auditor prepared to put their reputation on the line Sevco have still to produce accounts for the year to 30 June 2015 with an Annual General Meeting unlikely to be held this year.
Mr King has vowed to strongly resist Mr Green’s legal support claim which was detailed in the 2012 share prospectus.
The runaway train is nearing collision,sit back and enjoy,the gullibles will not know what’s hit them,and the court cases could go on for years, no one will want to touch them with a barges pole, life’s a bitch.
Will be funny watching/listening to the spin Scottish Mainstream Masons put on this for the Klan. The Orcs and Gollums of Ibrox will be foaming over there sashes.
Further ‘more than the issue of mr green and his cohorts sevco must find added funds to clear debts that there creditors and still hmrc plus vat issues. It’s clear and quite visible to all that they may still come out of the championship into the Scottish premier league. But with all the outstanding debts and acrimonious and unscrupulous and fraudulent accounting medthods of this demonic and bigoted business minded morons. Surely “administration is looming yet again.
Going into administration ‘twice’ is undoubtedly the end of the road for this gang and their unholy and demonic status of a trademark.
If Admin happens it will hit them like a Ton of Bricks..The MSM in this Country have been telling them that everything’s fine..I foned Clyde SSB last nite I asked 1 question..Do Ranjers have Octobers Wages..I was told I couldn’t ask that Question..I asked have Ranjers submitted there Accs up until the 30 June 2015..Was told again..Can’t ask that question..I said what can I ask then..I was told “Only Football Matters”..I asked if they have no money will the loan players be going back to they’re own club..I was Cut off..Personally I think they’re Going out of Business..And I don’t think it’ll be very long till it happens…Have to order more Jelly and Ice Cream..HH
Showtime
I for one will be sad to see such a young club go to the walls. Well they allways say the first few years are the most risky in a new business venture your cheques are about to go bouncy bouncy good bye to a bad thing
All of the above and still the media are trying to nurse terminally ill club Sevco back from the edge of the grave.
As for challenging Celtic and competing in the Champion’s League…well…words fail me…
BAD NEWS : PUT THE ICE CREAM BACK IN THE FRIDGE.
MR BIG WITH BILLIONAIRE STATUS FROM JIBROVIA WILL TAKE OVER RANGERS IM THE NEXT 28 DAYS.
MONEY IS NO OBJECT AND IBROX WILL BE REBUILT TO A 120 THOUSAND SUPERSTADIUM.
ALL PREVIOUS DEBT FROM OLDCO AND NEWCO WILL BE SETTLED WITHOUT ANY REDRESS.
A TRANFER BUDGET OF 230 MILLION IS SET BUT IF MORE IS NEEDED THAT SHALL BE NO PROBLEM.
DRAWKCAB HAS DRUNK A FULL BOTTLE OF BRANDY AND HAS CALLED AN AMBULANCE.
HAW.
HAW
HEE
HAW.