Misfiring finance guru Patey concerned by Dundee United deal
Patey became a laughing stock with the online bampot community during 2012 as he constantly talked up the financial disaster that led Rangers to liquidation.
As administration was discussed Patey dismissed it. As Craig Whyte put the club into administration Patey told STV, BBC and anyone else daft enough to pay him a fee that the club would be bought over by rich American/Asian/ Far Eastern owners.
With a glowing future predicted there were no clouds on the horizon as Patey tipped Charles Green’s consortium to achieve a CVA and lead the club from strength to strength.
Without questioning his previous statements Patey was dredged up as Sevco’s mystery finances slowly unravelled with the financial guru predicting that the club may run out of money at some stage deep into the 2014/14 season… while Chief Executive Graham Wallace tries desperately to put together the funds to pay the February payroll after pay-off’s to Craig Mather, James Traynor and Brian Stockbridge.
Now with Dundee United swapping their £3m bank overdraft for soft loans with wealthy supporters Patey believes that the scheme throws up a number of problems that fans and shareholders deserve answers about!
Speaking to the Daily Record he warned: “On the face of it this all seems to be positive but the one question I’d ask is: ‘Who provided the money and what conditions are attached to it?’
“We don’t know how wealthy these guys are. They might not have asked for security but do they have any sort of voting rights? Is it pure debt? Is there any interest? Is it cash paid?
“My assumption is if it’s a group of fans they might have done it out of generosity rather than a hard business arrangement and you’d hope the conditions attached were lenient.
“You see other football situations and business situations where banks are doing deals to secure some sort of repayment because they know they might never get full repayment so it wouldn’t surprise me if there was some sort of compromise agreement.”
With Patey’s track record the future surely looks healthy for United, maybe soon he might be able to join the dots from Craig Whyte through Duff & Phelps onto Charles Green, Blue Pitch Holdings and the ‘deal’ between Sevco 5088 and Sevco Scotland.