Sevco close in on £1.5m emergency loan
According to reports from the usual suspects, James Easdale, brother of former VAT convict Sandy, and Isle of Man based Laxey Partners are close to putting in £1.5 to the ailing club.
London based chief executive Graham Wallace, who once worked for Manchester City, has been hunting desperately for fresh funds but has drawn a blank in finding new investors.
With the share price sitting at 25p just over a year after launching at 70p it’s unlikely that anyone will be willing to prop up a club that is losing £1m a month with a manager looking for a £30m transfer warchest.
The lack of other investors has forced Mr Wallace to turn to existing shareholders with Easdale and Laxey Partners apparently willing to put in fresh cash in return for an increased shareholding.
Any fresh share issue will dilute the shareholding of other ‘investors’ but despite the bleak financial results the current regime were voted through almost unopposed at December’s AGM despite the bid by Paul Murray’s rebels to win seats on the board.
The cash crisis at Ibrox follows the prediction by former finance chief Brian Stockbridge that the club would be down to the final £1m of the £22 share issue in April.
With doubts over the value of commercial deals and merchandising income the only funds likely to become available over the coming months is from season ticket sales.
Despite threats from various supporter groups about boycotting season ticket sales a few key phrases from McCoist and moonbeams from the boardroom should be enough to get the majority of supporters onside to renew season tickets.
Whether McCoist will be given any money for new players remains to be seen but if the ‘city sources’ are to be believed the February pay day crisis looks like being delayed as the Easdale and Laxey factions strengthen their control on the club.
Former commercial chief Imran Ahmad and Neil Alexander both have claims against Sevco for unpaid bonuses from their time at Ibrox.