A leading financial expert has warned Sevco fans that they’ll have to stump up the cash themselves to stop Celtic’s 10-in-a-row bid.
Dave King has refused to back up his promises to personally invest between £30-50m in the ailing tribute act.
Tomorrow’s AGM contains two resolutions that would allow the directors to issue more shares but with no NOMAD prepared to touch the toxic stock current shares are virtually worthless.
Warning fans that stopping ten-in-a-row is upto them Ken Pattullo of Begbies Traynor admitted to the Evening Times: “At the end of the day, the investors there don’t have a bottomless pit of money.
“They will be keen to see other Rangers fans, and anyone who perhaps sees it as an investment, put more money into Rangers.
“Realistically, it is probably in the main, if not entirely, going to come from Rangers fans.
“I don’t think many institutions out there will be looking at Rangers, at least not at the moment anyway, and thinking they are a worthwhile investment.
“I think the vast majority will come from people with leanings towards Rangers.
“The share issue allows more people to invest money into Rangers and that would be a welcome boost to have other people there as well as the current board and investors.”
In their latest set of accounts it was revealed that Sevco have received £14m of soft loans that require to be repaid in December 2017.
It seems that those loanees aren’t keen to commit themselves further meaning that the board must turn to existing shareholders for funding.
With the club reporting losses of between £5-10m on an annual basis and with no sign of a plan to break-even it seems that there is more financial pain around the corner to match the turgid style of play on the pitch.
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