After 22 months of ducking and diving, assisted by the SFA, SPL, SFL and SPFL, Sevco appear to be on the brink of administration following the long awaited 128 day business review commissioned by Graham Wallace.
The former Manchester City supremo was hired in November and yesterday presented the favored tactic of blaming all those that had gone before him for the financial catastrophe while pleading for support- neatly ignoring the fact that he was appointed by the same people that appointed the ‘baddies’.
Mr Wallace claimed: “The situation when I joined was worse than I anticipated. I knew there was a significant issue that needed to be confronted but the magnitude of some of the issues mentioned in the report gives an indication of the size of the challenges we have inherited.”
Wallace’s criticism of previous regimes is certainly at odds with the view of his chairman, David Somers, who was gushing in his praise of Brian Stockbridge when the financial chief accepted his pay-off in January.
Mr Somers said: “Without Brian, the club would in my opinion have been de-listed months ago and the club should owe him a debt of gratitude for holding things together.”
Among the most striking headlines from the review was the revelation that supporters could no longer pay for  season tickets by credit card or direct debit- only cash or cheques can be accepted!
Even the most gullible of punters might recognise that as a warning sign with the club claiming that First Data had asked for security over Ibrox in return for their credit services. Since Craig Whyte’s Sevco 5088 have a claim over Ibrox Stadium and the state-of-the-art Murray Park training complex Mr Wallace was in no position to offer Ibrox as security.
The bonus culture for executive’s remains intact, similar to the banking industry of a decade ago, where salaries mean little with bonuses assured regardless of performance with Mr Wallace on the same gravy train enjoyed by others such as Mr Green, Mr Stockbridge, Mr Ahmad and Mr McCoist.
Mr Wallace took a 20 minute media conference to discuss the review appearing well briefed to deflect questions about his own bonus using reference to the remuneration committee.
Sandy Easdale’s interview with the BBC 24 hours earlier during which he claimed finances were fragile and warned that the club wouldn’t survive administration was dismissed as that of a shareholder and not a director of the club despite the Easdale camp having voting rights for 24% of the shareholders including Blue Pitch and Margarita Holdings.
Bankrolled by two tranches of season ticket money and a share issue the club has blown it’s way through £67m in less than two years with the former Manchester City supremo admitting that current cash reserves are below £3.5m without going into detail about how low things are.
In February the club was delighted to announce that they had secured two pay day loans to meet the payroll with security given against two key assets, the hallowed car park and Edmiston House which was earmarked for use as a new superstore, museum and cancer research centre under Mr Green.
With the begging bowl out for supporters to renew season tickets in cash the obvious solution would be to slash costs but despite the bleak picture painted Mr Wallace insists that Mr McCoist will be given a transfer warchest for next season’s assault on the Championship.
Addressing the mammoth wage bill the former Manchester City supremo said: “If you look at the evolution of the squad and you look at what we have got now, you ask yourself, ‘do we need the squad we have got today to have competed this season or last season?’. Quite clearly not.
“We have won both divisions by some considerable margin. However, those decisions have been taken. We work with what we have. Our focus is very much to ensure that we can win the Championship next season to be back in the top division the year after.
“We have got a number of players whose contracts end this summer. As part of the manager’s planning, we look at the squad and where the gaps are, he is assessing what he wants to do with regards to renewals and, working together at a financial level, we will agree what we can afford to do.”
Should the club somehow manage to survive through the coming weeks on the income from season ticket sales Mr Wallace plans to have a share issue later in the year!
How a company that sold shares for 70p in December 2012 goes back to the Alternative Investment Market and attempts a fresh share issue for stock currently trading just above 20p has yet to be divulged.
To cap a day of tall stories and spin the review lays out a five year plan that targets becoming SPFL Premiership champions in 2017- starting the 2014/15 season without going into administration seems highly unlikely never mind hearing the Champions League anthem three years later.
While the Dallas Cowboys commercial link up has been put on the back burner the club is engaged in talks with some major European clubs that could see the best young players at Bayern Munich, Real Madrid, Juventus and Linfield coming on loan to work alongside Ally McCoist and his coaching team.