Imran Ahmad is set to plunge Sevco into administration after returning to court today to ring fence £620,000 of the crisis club’s cash.
The former Ibrox commercial guru was sacked in April 2013 after negotiating most of the lucrative deals keeping the club alive.
Ahmad has been to court twice before to get his claim ring fenced but on each occasion his claim has been dismissed on the grounds that there is no financial crisis at the club.
His claim for £620,000 is simply to ensure that if his case for unfair dismissal is upheld he will be able to receive his money.
After returning to the Court of Session in Edinburgh today Ahmad’s claim will be heard on Friday meaning that the club could be pushed into administration by the time of their next match, a League Cup tie against Inverness Caley Thistle on September 16.
After today’s hearing Ahmad’s representative Kenny ‘Sherlock’ McBrearty QC said: ” There is a significant hole in the club’s finances for the forthcoming season.”
That hole was revealed last Friday when the club announced that they needed to raise £4m by September 18 otherwise creditors wouldn’t be paid.
Ahmad now looks like joining the creditors queue which includes Mr George Letham and former VAT convinct Mr Sandy Easdale who are owed £1.5 from February’s pay day loans.
Alongside notice of the new share issue there was an ominous warning about the state of the club finances which Easdale described as fragile back in March.
The share issue statement read: “There can be no certainty as to the aggregate level of subscription for New Ordinary Shares. If the aggregate level of subscription is less than 15,000,000 ( out of 19,000,000 shares) New Ordinary Shares the Open Offer will not proceed and subscription monies will be returned to applicants.
“Should this occur, the Company will be unable to pay its creditors as they fall due and the future of the Company will be uncertain; The Directors will immediately have to seek emergency financing which may or may not be available.”
Ahmad was one of the founding investors in the new club snapping up penny shares alongside Charles Green, Ally McCoist and Brian Stockbridge in the summer of 2012 before fans were able to buy shares at 70p each in December 2012.
The former commercial director is likely to call Green as a witness for his claim on £500,000 with the remaining £120,000 to cover his legal fees.
