Sevco are hopeful of securing a £1.5m emergency loan in time to meet next Thursday’s pay day crisis.
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.
Obviously reached the edge of extinction and having to beg for payday loans to satisfy this months wage bill but who can bail them out next month?
The board won’t accept King’s money as this will reduce their payout come the “Divvy up” before going to the wall.
Ah well, its been fun watching the death throes of the wonga huns.
Hail! Hail!
Hope they go bust
..och..och francis, yer an awfull man now.lol
Death by a thousand cuts – AGAIN!
Har de feckin har har har.
They’ll be using Quick Quid soon!!
Is there not also problem with stadium roof at snake mountain several millions needed for repair? ???
The huns have no money—they should try the Lotto numbers..ha ha ha. Hail hail the CELTIC.
The huns have no money..and they don’t think it’s funny..ha ha ha.
Joe,
I like your photo of laughing Charlie Chuckles.He is the ONLY one who is laughing all the way to the bank.
Desperate,desperate times for the Zombies. GREAT !!
As nobody will touch them with a barge
pole.The writing is on the wall.
The Ibrokes walls to be precise.
A sale and lease-back anyone ?
How would the Zombies react to that ?
Rioting on the streets of Glasgow,like Kiev?
Any news oan comical allys pay cut!!!!.
Keith.
It pains me they are still breathing !!!
Any truth in the rumour that Wonga are next season’s shirt sponsors? Or that the sale of Ibrox naming rights will see it re-named the PayDayLoans2U.com Arena? F@&£ me this is desperate. A crisis loan from the last chance saloon. Might see them through until season ticket time but, unless they unload some players (which they were either unable or unwilling to do in January), they will still be burning through cash faster than an investment banker on a coke binge. What then?
digging themselves into more debt, brilliant
makes you wonder whose piggy bank are they gonna ROB now|||
Good money after bad springs to mind.
Not long to go now!
Hail Hail
..yer right Jack, this is worse than waiting on the X-factor results.lol Hail-Hail.
According to The Record this is a “WINDFALL” for Sevco. How lucky is that? Sevco are out begging for loans off of Wonga and getting laughed out the door and this “windfall” of cash drops into their lap!
Eastside,
Blueboy Jackson of the daily dump is told
by his paymasters( I don’ t mean Sugar Dave ) to spin this crisis as a ‘ positive ‘
story for the Zombies.
Just like when he told the Huns, that our
superhero Craigybhoy, had wealth off
the radar.
Somethings never change.
I wonder if the Scottish Wacko Jacko asked anyone at Ibrox if the 2.5 million loan facility mentioned in the accounts has been used up? In fact I wonder if there’s a journalist in Scotland who has the decency to do their job and their duty and ask the question!
Maybe the 1.5
M is to fund an insolvency event.
They are getting the footballing equivalent of a Crisis loan. They will probably blow it all on fags and booze and frivolous nonsense…as usual!
Sky and the Scottish Football authorities will do their best to provide them with the cash aka Semis at their ground etc. We are the ones that are living a pipe dream as they continue their merry way! I hate them but I feel as though they have stuck it to us!
Mikey, they cannae stick it tae anybody, they just cannae afford tae buy any mair sticky stuff.lol Hail-Hail.
I’m so happy about this sick dinosaur limping and staggering to its extinction I think I’ll play some mood music.
The Final Countdown (Europe)
Fun, Fun, Fun (The Beach Boys)
That’s The Way (Aha Aha) I like it (K.C. and the Sunshine Band)
Billy Don’t Be A Zero (Paper Lace)
By The Rivers Of Babble On (Boney M)
Let It Be (The Beatles)
Oops, I Did It Again (Britney Spears)
Zombie (The Cranberries)
Karma Chameleon (Culture Club)
Down, Down (Status Quo)
How Deep Is Your Debt (The Bee Gees)
Money to tight to mention (Simply Red)