The self destruct implosion of Sevco continues with just two working days left to save the club from administration.
Having been rejected by existing investors over a proposed £10m share issue a £4m emergency solution was announced to the Alternative Investment Market on August 29 but with no-one willing to underwrite the issue.
In most circumstances a raft of PR stunts would be pulled with various big hitters pledging their support but this share announcement has been met with the onset of some incredible blood letting.
Last week the headline acts involved Mike Ashley and Imran Ahmad with the outcome being that the club is down to less than £600,000 in the bank with their retail arm and stadium naming rights handed over to Mr Ashley of Sports Direct for buttons.
This week Mr Graham Wallace, who used to work for Manchester City, is being painted as the weakest link while former VAT convict Sandy Easdale is being pictured, without a tie, in the company of various shadowy figures with the sort of cv’s that Craig Whyte and Charles Green aspire to.
All the while it’s business as usual at Hampden where the SFA bury their head in the sand as the Union of Fans rattle off angry statements howling at the moon over their fury and disgust!
So far none of the key investors have stated that they will buy into the new issue. Having coined the phrase that he won’t do walking away Ally McCoist hasn’t mentioned whether he will be spending £60,000 on shares having snapped up 1,000,000 when they were on offer to selected investors at just 1p, the current shares are costing 20p after fans spent 70p per share in the December 2012 listing.
Despite widespread publicity accompanied by claims that fans were flocking to invest in Rangers First just £43,157 was in the pot this morning towards their target of £85,000. That supposed ‘fans vehicle’ is hoping to raise 2% of the funding needed for the share issue as the cold light of reality finally dawns on supporters with season ticket sales down by over a third.
After two weeks of negativity, outrage and scandal the omens are bleak for Friday morning’s AIM announcement with administration likely to be days away turning the spotlight on Hampden where the co-architects of the Five Way Agreement will be left to pick up the pieces of their master-plan that was doomed to fail from day one.
Meanwhile on the pitch Coisty’s Conveyor Belt kids lost their third match running in the Development League yesterday going down 3-2 to Aberdeen at Murray Park after finding themselves 3-0 down.